THE FINANCE BILL

Dominion, Volume 11, Issue 174, 12 April 1918, Page 6

THE FINANCE BILL

A TWENTY-MILLION LOAN

COMPULSORY INVESTMENTS

LIFE OF PARLIAMENT PROLONGED

The Finance Bill introduced in the , 9 Houso of .Representatives last night and lion- well on its way to lwcomo statute law contains !'ow provisions•; that were unexpected.

. Tho main purpose of the Bill w.ih : to extend annual appropriations to' mako a postponement of tho Parlia-! montary session possible, and tho j appropriations have been extended to: December 31. As a corollary to this: • unauthorised expenditure has been in-;

creased. .... - ■ No taxes have been increased, but i on the contrary exemptions from thoj amiispinonts tax have boon made more! generous. . Admission tickets to A. ; and P. shows are now free of this. , ' tax, ■ and also tickets to entertain- j ments promoted by societies not con- 1 , duoted or established for profit, pro-! vided the profits of the i society are J i used for educational or scientific pur-! poses, or ; the proper purposes of .the ( society. Power is taken to borrow £20,000,000 ! for war purposes. . Tho "death duties sto'-l," total is increased from £2,000,000 to £12,600,000. _ ' Tho Bill- gives effect to the proposals : for compelling wealthy persons to: invest in the War Loan, as outlined by Sir Joseph -Ward o« -WediiesdajV-'fho Commissioner of Taxes may under this clause take action io compel any man ; (o subscribe according to liis means, and investments in war loan stock purchased froni"an original investor, possibly' at "below par,' are 'not to be considered subscriptions. If a- man fails to'comply with an. order to contribute lie is to ho su'bjtot io a penalty of twice the amount of his land' and incomo tax, Slid he will receive only 3 per cent, instead of 4| per cent, on his compulsory subscription. All other compulsory provisions are repealed. -■.-- • . ■ The life of Parliament is to be prolonged for a ye.ar-, unleap the General Assembly is sooner dissolved.-

Loans to local bodies are made subject to moratorium, and- nre extended accordingly .->t the rates at whij*h they were originally raised.

A local body authorised by- lair to invest in war loans -may, with tha consent of the- Minister of Finance, raise the necessary funds for this investment hy way of overdraft.