Comment On Budget

Press, Volume CVI, Issue 31088, 17 June 1966, Page 10

Comment On Budget

Mr W. C. Martin, president of the Auckland Federated Fanners, said the incentive offered to increase stock was not really an incentive and would not encourage farmers to increase their stock. The move was merely a deferment of tax liability until stock was sold.

Mr G. E. Stock, the president of the Associated Chambers of Commerce, said the Budget must rank high for courage in an election year. “It offers no bribes and no incentives. Neither does it pander to the middle-section voter.”

But, unfortunately, it ignored the invigorating and moral fact that reduced income tax rates would have on production and effort, which, in itself, would increase the subsequent tax yield. “Treasury planners showed no imagination and, it would appear, never read the daily newspapers or mingle with the common herd,” said Mr Stock.

Mr A. S. Radford, president of the Retailer’s Federation, said the federation had hoped there would be a change in tax structure with some easing on the middle income brackets and company retention tax, and a corresponding shift of emphasis into the area of indirect taxes. All that had been done was the promise of a tax review. Experience had shown that any effective results from this type of review would take a long tinyj.to come into effect