HIGH TAX ON TRUST
Figure Of £594,018 (N.Z. Press Association! INVERCARGILL, Oct. 1. The biggest shareholder in the Invercargill Licensing Trust, on a par with the citizens of the city, was the Minister of Finance, the trust’s general manager (Mr L. E. Raines) said in an address to the Southland Progress League tonight. He said Mr Lake acquired in direct and indirect taxation from the trust’s trading £1916 every working day and £594,018 in a year. The tax on beer netted the Minister of Finance £325,925 a year, on spirits £121,230, on wine £5OlO, and on cigarettes £ll,OBO. A 20 per cent sales tax brought in £25,248, income tax at maximum rates of 10s in the £ took £76,000, and land tax £lOO2, making a total tax payable by the trust itself, £565,545. In addition, wages tax paid by employees of the trust netted the Minister £28,473. making a grand total of £594,018.
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Bibliographic details
Press, Volume CIII, Issue 30561, 2 October 1964, Page 14
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152HIGH TAX ON TRUST Press, Volume CIII, Issue 30561, 2 October 1964, Page 14
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