BUDGET POINTS

Dominion, Volume 8, Issue 2551, 27 August 1915, Page 7

BUDGET POINTS

——• —9 . NEW TAXES AT A GLANCE I• , ' . AND REASONS FOR THEM Budget delivered by Sir Joseph V Ward, (lunatic© Minister)' in the House of 'Representatives last night-, has an unusual muiiber of\ interesting features. Following are some of the more important:— Surplus for the year, £72.142. : exceeded estimate by t _.~i1u,186. , j Expenditure was less than tile estimate by £184,748. '■.The net public debt is $96,644,455. Exports for financial year 1914-15 worth p £27;476,823, as against 1 £23,471,131 for 1913-14. , - " -The gross; amount paid for pensions W tlio year was £540,081; . The war expenditure Up to June 80 was approximately £3,500,000. The Government received iu contributions to the War Fund, £159,137. Up till March 31 last-the amount transmitted to London in cash and kind tor .various relief, purposes was approximately £237,267. • For the ; three Months August 1 to October 31 the estimate of the oosition of the Consolidated Fund is that tile 1230 ooo ur ° may oxceeci r€6ei P ts by New Customs and excise duties come into operation - ; Under the existing' law the estimated revenue, would have been £11,676,254.- ' : Ino estimate of expenditure without making provision for war pensions, inif£l2,6s?24 S 2. lkijl!: fUnd ° n War ,oall3 ■ War pensions are expected to cost the Dominion £1,000,000 a year. • Interest and sinking fund- on war ; loans of, say £12,000,000 will' amount to -about £700,000. - Against these charges and the estimated deficiency in revenue it is proposed to. raise £2,000,000 by extra ation.Fifty per cent is to be added to the present rate of graduated tax on country lands. , Income taxisvto be increased by an addition ef 33 1-3 per cent, to the existing schedule rates. This will give a rate varyuig from Bd. on- the lower taxable incomes to 2s.- Bd. on the higher incomes. . • ■ : b . Tho increased incomo tax added to land tax payable by some business people willk equivalent tax of over Cs. in £1 of income. . • The. total increase of income tax and Jmo«sv pl '? po ? l ® d amount, to £0J.J,6u0, and will reach tliose who'have mada additional-profits owing to the The minimum rate for telegrams is to be increased from 6d. to.Bd. ,'An additional /charge of 2d. will be made in ■tho, inland charge for cablegrams"; . I lie . charge • for bureau communications by telephone is to bo 6d. for both subscribers and non-subscriber's, increasing the rate for subscribers from 3d. to -. ba. . A special war tax of "Jdv is to be levied onall articles posted except newspapers, increased postal and telegraphic £380"'000 ar ° ostimated Produce Passenger rates on the railways are to by 8 1-3 per cent., and the rates on goods (excepting timber) by 10 Per cent. These extra rates are expected to produce £360,000 a year additional -revenue. . Motor-cars aTe to be subject to an allround duty of 10: per cent, ad valorem, and oO per cent, additional on cars made ■ in countries which are now or may be eneniv countries. •-The 'duty- on; bicycles - will be reducad from ?0 per cent.; to 10 per cent., with, the same conditions as regards enemy" countries as apply to motor-cars. !• Motor-tires remain free, with;a- 50 per cent, ad valorem tax ,on tires' from enemy countries.-. -. ,'^V ! A duty of 4d. per gallon will be placed on motor-spirits and kerosene. , ' ' The method of levying beer, duty will be altered to encourage the production find consumption of lighter ales. . The . estimate of extra revenue is £55,000. The duty 'on spirits is to be increased from 16s. to 17s. per gallon. ~ . To reach teetotallers an excise duty ; tof Id. per gallon will be charged, on non-alcoliolic beverages to" be defined. It •is expected 1 "that the increased re.venue from Customs and excise duties will bo £360,800. - - • s The duty on bank notes is to be raised from 15s. to £1 per cent. This increase'is estimated.to, produce £20,000 1 per anhiin}.' '' ' ■, ' The stamp duty on cheques and receipts is to be increased from' Id. to 2d. These taxes are estimated to produce £90,000. The exemption from succession duties of the estates of ohildren is reduced _ from £20,000 to £5000. The estimated increase of revenue \mder this head is ? £30,000. b ■ •- A stamp duty of ss. per cent, is to n bo charged on mortgages—estimated to . produce £40,000 per annum. On re- . lease, reconveyance, or discharge of mortgage a fixed duty of 10s.—estimated , to produce £8000. - A now stamp duty is to, be imposed on all sub-sales of property at the same rate as if the purchaser took a transfer or conveyance of the property.— Estimated to produce £10,000 per year. It ■will fall almost entirely on the land speculator.' A war tax of - 2} per cent, is to be charged on totalisator dividends.—Estimated to. produce £75,000. Legislation is to be introduced in- / creasing the powers of municipal cor- j; porations relating to the regulation of food supplies of the people, and giving g power to imunicinalities to establish- c broad supply "services. A loan not to exceed £2,000,000 is to' j, be raised locally at 4J per cent. t] It is proposed, in-order to raise this " loan, to issue free of income tax deben- ti tures for £5 or multiples of £5. p