INCOME TAX
ADVANCE PAYMENTS
(Received 31st December, 2.45 p.m.) LONDON, 30th December. The Inland Revenue Department announces that it has already received £72,000,000 in advance payments for income-tax due on Ist January, and that a further £200,000,000 is due fof collection before sth March. Many firms are assisting their employees by advancing the full suni without interest, the moneys to be de-i ducted from the employees' salaries for the next six months. The Treasury's anxiety to collect three-quarters of the year's incoma supertax quickly is due to the fact that the excess State expenditure will presently ■be financed by Treasury Bills, on which the Treasury is paying 5 and 54 per. cent. Quick payment will mean, a'hiige reduction in the cost of interest.:
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Bibliographic details
Evening Post, Volume CXII, Issue 157, 31 December 1931, Page 8
Word Count
123INCOME TAX Evening Post, Volume CXII, Issue 157, 31 December 1931, Page 8
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