LAND AND INCOME TAX.

Dominion, Volume 4, Issue 951, 19 October 1910, Page 8

LAND AND INCOME TAX.

NEW BILL INTRODUCED. . GRADUATED DUTY ON INCOMES. Important amendments in the law relating to income tax are contained in the Land Tax.-and/Incomo Tax Bill, which was read a first timo in the House of Representatives yesterday. • The provisions in regard to land tax are not proposed to be altered. As regards income tax, it is proposed that the tax in : respect of incomes assessable "under the sections relating-.to the debentures of companies shall be, for every pound of income chargeable by law re.ceived for the year ended March 31, 1910, one shilling. ■. ' .'■ . In respect of the income of companies '(including companies and all non-resi-dent taxpayers-assessable under Section 85 of the Act), the income tax for, every pound.chargeable, by law shall be:— Where, tho income does not • exceed £1250—one shilling. ■'■: ". Where the income exceeds £1250, but does not exceed £2000-rH}ne-shilling and one penny. ' : ~'...

';':■ Where the income,exceeds £2000—one shilling and twopence. , ■ ■' ! Witlv reference to the income of all other taxpayers, the income . tax for every pound chargeable by law derived from business/ employment, or emolument shall be:— ' ■ ' .:. .

■: Less than £400—sixpence. ' ■. £400 to £600—sevenpence. .-.- £600 to £700—eightpeuce. ■■• ':.• £700 to £800—ninepence. '■■ £800 to £900--tenperice.' . . ■ ;■' £900 to £1000r-elevenpence: ~ ~ , £1000 to £1250—one shilling. ■'■■ ' £1250 to £2000—one shilling and.one penny. ": • ■.' ; ~/ ' ■/-.>': ' .-'■'"

Over £2000—one. - shilling and twopence. '■• : - :~- : "'■■'':"■.-■' : - ; ~-..'■

\ In the case of taxpayers deriving or receiving income from business, employment,, or emolument as partners or on joint account, the rate v'of income tax chargeable shall be determined..in respect of each of .tliope taxpayers, and in , respect, of the,: joint assessment , as well. as each separate /assessment," by reference, to the assessable income derived or received by him separately, together with his. share or shares in the 'assessable-income.derived or received by him- as a partner or on joint account with any other person or persons. ' ~'■ Notwithstanding anything to the contrary, the isconio of ' a'. banking company shall, for- the purposes of this. Act, deemed to be, a sum equal to fifteen shillings in ' every hundred pounds of the average of', its total assets and lia-. bilities for/, the. four quarters of: the year. ■■■/. ■': '.: .; '.'■..- •, -; '• -.'...-. .'•■■.-.