INCOME TAX
Shy—Kef erring, to the letter signed "Inc TJmtax," which you published the other day, I am quite in acoord with the writer's views, but do not think Jie. went far enougH ' n exposing the fallaoies of the "Inefiicfency" Board' 6 income tax proposals. The rate ho quotes does rot ei» press the maximum amount payable, as the following example of an .actual case demonstrates, though the tables published distinctly state that the • maximum l'afo is 7s. 6d. in the i!.
The company I have in my mind has made a profit of some .£35,000 tor (he past year. The income tax and other items not deductible were .£BOOO, milking an assessable income of some -043,000.. the tax on which at 7s. 6d. in the i comes to .£16,125, which on the actual profit or -t! 35,000 equals nearly 9s. 3d. in the -£. The "Wizard of Finance" has indeed wizarded himself to some offecfc over this ISst Bill, which as a specimen of the capabilities of tho Inefficiency Board will remain in its infinite variety an effort of genins which time can never wither nor custom stale.—l am, etc., L. ANDTAX.
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https://paperspast.natlib.govt.nz/newspapers/DOM19170903.2.55
Bibliographic details
Dominion, Volume 10, Issue 3180, 3 September 1917, Page 6
Word Count
192INCOME TAX Dominion, Volume 10, Issue 3180, 3 September 1917, Page 6
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