REVENUE FROM TAXATION.

Press, Volume LXIX, Issue 20897, 3 July 1933, Page 11

REVENUE FROM TAXATION.

AN INCREASE OF MORE THAN £2,000,000. INTEREST STAMP DUTY. [THE PRESS Special Service] WELLINGTON, July 2. Figures of the revenue from taxation as published by the Government Statistician for the years 1932 and 1933 are as follows: 1932. 1933. £ £ Customs revenue 5,904,348 6,131,414 Beer duty .. 641,080 654,227 Motor vehicles taxation .. 1,814,186 1.680,605 Land tax .. 542,128 498,916 Income lax .. 4,447,814 3,556,775 Death duties .. 1,444,298 1,511,695 Bank composition 260,206 268,122 Stamp duty on interest .. - 309,132 Duty on instruments .. 228,975 192,179 Totalisatei revenue 410,878 302.371 Amusements tax 74,763 53.564 Other stamps taxation (receipts, tax, impressed stamps. etc.) 378,258 361,050 Un em p 1 oyir.cnt taxaLon .. 1,217,451 4,099,662 Film hire tax .. 41,207 30,102 Sales tax . . Gold export duty Total .. 17,405,622 19,703,703 Taxation receipts a head of the mean population for these periods were £ll 9s 6d in 1933 and £l2 17s in 1932. The total revenue from taxation for the year 1931 was £18,878,285, £ 12 12s Id a head. Taxation receipts of the Consolidated Fund were nearly £600,000 less in 1932-33 than in 1931-32, but the huge increase in unemployment tax revenue, following the raising of the rate from Id in 6s 8d to Id in Is Bd. has the effect of increasing total taxation receipts by £2.300,000. The amount of £309,132 shown as stamp duty on interest represents the Government's proportion of the special duty imposed, by Part IV. of the National Expenditure Adjustment Act, 1932. on interest received from Government and local body securities domiciled in New Zealand. Though imposed in the form of a tax and its proceeds treated as such in the Public Accounts, this duty was, in effect a temporary means of obtaining some relief from the otherwise fixed expenditure burden for interest on the public debt rather than a means to increase general revenue. It has now been superseded by a debt-conversion plan, under whicii a similar effect will be achieved by a direct reduction in expenditure.