PARLIAMENTARY.

Dunstan Times, Issue 1537, 24 July 1891, Page 3

PARLIAMENTARY.

(FROM OUR OWN CORRBSPOSDRNT.) WELLINGTON July 23. The Land and Income Assessment Bill was introduced ‘by the Ministry yesterday. The amount of Income tax and of ordinary land tax, which includes certain classes of improvements of upwards of L3OOO value and excluding others if made more thin ten -rears a"0, is to be fixed by an annual act. The graduated land tax, which is to be levied in addition to the ordinary land x’isbv schedule B, and goes beyond the Treasurers original proposal, which stopped at a rate of !»(! on Sronertiea worth LIOO,OOO, while it is now proposed F alter the scale of graduations so that land worth iom LWO 000 to L 210.000 shall be subject to the f Vale formerly proposed ; while properties SreaW vaSeSl Jd. Every landowner whether a person or a company, is to be taxed upon the actual value, but the value of iranroveme P nts upon all land owned by any person or comnany up to LBOOO is to be deducted from the value, together with anv mortgage debt then due or owing upon such land. Improvements are to include houses, buildings, fenc.ng, planting H rain in c clearing from timber, scrub, or fern, and invin" down in grass or pasture ; but thy effect the benefit of such improvements is to be visible and unexhausted at the time of valuation and drainage and clearing works made more than ten years prior fhi Hme of valuation are not to bo taken into ancomit When the assessed value, less the L3OOO, of StmenKnd mortpg. debt doe. nob «c.jd tiW) there is to be an exemption of LSOO. If. the assessed value is more than LISOO no exemption is to be allowed Any owner of land or mortgage proJbicingtess income than Ll2O a year who is incapacitate'? by age, ill-health, or other'causons to have father exemption, which, together with the LSOO SrSdJ mentioned, shall not exceed L2OOO In regard to income all classes are to have exemption up to r oQO The intention of the Government is to fix Fites’ a# follows : All-round tax on land and mort"Sis to be Id in the L, as proposed m the Financial Statement; business incomes are to enjoy exemption of L3OO mentioned in the bill, between f jax ution incomes and emoluments is to be 3d in the L x from°L3oo to LSOO, and 6d in the L above LSOO. The Premier has given notice to bring in a payniS for members bill. Members will receive under “ 3 provision L 240 per year, conimencingfronilH. January next. The extra honorarium for the second Son now being held is already provided for.