TAXING RETURNS. LAND AND INCOME.

Evening Post, Volume LXXV, Issue 08, 10 January 1908, Page 2

TAXING RETURNS. LAND AND INCOME.

SOME INSTRUCTIVE FIGURES. Mr. Peter Heyes, Commissioner of Taxes, has compiled some instructive figures relating to the land and income tax returns for the present year. In 1892 the land and income tax amounted to £364,000, but this year _ Mr. Heyes anticipates that it will approximate £850,000. The income tax, he says, will produce £300,000— an increase of over £22,000 on the previous year. To show how this item has grown it need only be pointed out that in 1892 tho sum just totalled £67,000. As a result of tho increased graduated tax the revenue from land tax is expected to reach £550,000, an increase of £100,000 odd on the previous twelve-months. Of course, the increase is partly due to higher valuations, the increase under this head being assessed at £15,000. In respect of the graduated tax higher valuations will account for an oxtra £80C0, and tha operation of the Land and Income Land Tjix of 1907 will be responsible for £64,000. So far as' the absentee tax is concerned, the revenue under this head in 1892 amounted to £668; last year it had increased to £4327. This year absentees, under the new Act, will be required to pay £0 per cent, more graduated tax than landlords residing in thft Dominion, and the result is expected to be a revenue under thi3 head of £5700. Graduated tax under all heads h expected to produes a total sum of £190,000.