INCOME TAXATION

Evening Post, Volume CXVI, Issue 114, 10 November 1933, Page 7

INCOME TAXATION

(By Telegraph.) (Special to the "Evening Post.")

DUNEDIN, This Day.

The "Otago Daily Times" says:— "The figures in relation to income tax are highly significant. Last year the return from this form of taxation was £891,000 below that in the preceding twelve months. The official estimate is that the yield for tho current year will be £857,000 less than last year. In two years, therefore, the fall in receipts from income tax will, if the estimate is accurate, be no less than £1,748,000, and this declino has accompanied the imposition of taxation on a higher scale. There could hardly bo better proof than this that tho taxable capacity of those whose incomes have been assessed for taxation has been thoroughly exploited. The shrinkage of tho sources /from which a large proportion of the revenue is normally obtained might have been expected to spur the Minister to an effort to reduce the ordinary expenditure of the' country. ~ He states, however, that the Government'has practically reached the limit in the lim-tion of savings and adjustments in expenditure. From this conclusion there is likely to be a considerable amount of dissent on the part of tho commercial community. If it is to be accepted, it is to be feareid that the prospects of a reduction,of taxation next year arp less favourable thaai the Minister suggests, unless the Government is prepared to follow the exjample of the Colonial Treasurer in New South Wales, who, while budgeting for a deficit of over £3,000,000,^ has proposed very substantial remissions of taxation and other concessions."