THE BUDGET
EXPECTED ON WEDNESDAY
A BIG LOAN
NO EXCESS PROFITS TAX
The Minister of Finance will present his Financial Statement to the House on Wednesday evening if thero aie no untoward delays. It may bo that the Statement will bo delayed until Friday, but present indications aro that this is unlikely.
This year the Budget will be one of big figures. We are to have a big surplus, but this was to be taken for granted. The startling figures in the Statement will bo those relating to expenditure. One cardinal fact is known about expenditure, and it is that New Zealand's war expenses are rapidly approaching two millions a month. This means that the Budget must mention a loan of upwards of twenty millions, cf which a considerable amount must be raised within the country. Last year the amount was to be eight millions, but Sir Joseph Y\ ard took all that was offering, and by way of ordinary subscriptions and war loan certificates ho must now havo received about twelve millions sterling. It may be taken for granted that be will ask this year for as much as he can hope to get locally, and tho amount may be more than twelve millions. '
A few innovations may be expected in tlio way of taxation. The excess profits tax is to go, although it has been a good revenue winnor, and this >v.eans that there will bo other taxes. It is understood tiat the loss of the excess profits tax is to be made up by heavy impositions on land and incomes.. The sum to be raised will bo considerable, so that the people fortunato enough to be receiving good incomes, nnd tlio owners of land may expect to have to contribute heavily to the cost of the war this year. There is a possibility, but no more than a possibility, that the Government may decide to raise some money by luxury taxes imposed through the Customs. There is to be no imposition of Customs duties on commodities in common use by people in. ordinary circumstances. Tlio cost of living is already high, and such taxes would inevitably raise it still higher.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/DOM19170730.2.71
Bibliographic details
Dominion, Volume 10, Issue 3149, 30 July 1917, Page 6
Word Count
363THE BUDGET Dominion, Volume 10, Issue 3149, 30 July 1917, Page 6
Using This Item
Stuff Ltd is the copyright owner for the Dominion. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in