INSTALMENT PLAN

Dominion, Volume 25, Issue 278, 19 August 1932, Page 10

INSTALMENT PLAN

. Payment of Income Tax FIRST MONTH’S RESULTS Income tax certificates valued .at £32,000 have been sold at post offices during the first month of the operation of the system enabling this form of taxation to be paid in advance, according to a statement by the Prime Minister, Rt .Hon. G. W. Forbes, yesterday. Facilities for paying income tax in advance to minimise hardship were provided from July 1, as the result of legislation passed during the recent emergency session. It was stated by the Prime Minister in announcing the operation of the new scheme last June that subject to certain conditions the taxpayer who paid in advance would receive interest on multiples of £1 for complete months at a rate and up to the end of a month determined by the Minister of Finance. This provision was made to meet a public demand for spreading income tax payments. Arrangements were recently completed for the sale of income tax certificates by postal money order offices. Interest is being allowed for complete months up to the end of January at the rate of 3J per cent, by way of discount.