A DOUBLE LEVY
WAGE TAX ANOMALY
When the Government last year imposed a stamp duty of 10 per cent, on interest from Government' and local body loans specific provision was made that the amount thus deducted from interest should not be subject to income tax. The gross amount of interest: must be stated in income tax returns but provision is made on tho forms for an application for exemption of the amount of stamp duty. It appears, however, that no similar provision is made in the return forms for the payment of the unemployment emergency charge on income' other than wages. Inquiries made by "The Post" fromofficial quarters elicited the information that no provision had been mado for tho deduction of tho stamp duty. I Tho gross amount of interest, without deduction of the 10 per cent., was subject to the unemployment tax of one shilling in the pound.
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Bibliographic details
Evening Post, Volume CXV, Issue 121, 25 May 1933, Page 10
Word Count
149A DOUBLE LEVY Evening Post, Volume CXV, Issue 121, 25 May 1933, Page 10
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