LAND AND INCOME TAX
DECREASES IN BOTH. The net receipts for the past year amounted to £4,721,303 —land tax, £1,335,251; income tax, £3,386,052 — ami compared with the collection for the previous year showed a decrease of £486,691. The decrease in land tax represents portion of the reduced revenue anticipated as a result of the reduction of 5 per cent, provided for by the Land and Income Tax (Annual) Act, 1924, and the increased mortgage exemption allowed by the Land and Income Tax Amendment Act, 1924. The balance of the remission . was, however, offset by the increased value of land in districts revised under the provisions of the Valuation of Land Act and the collection of a considerable amount of arrears of tax.
The decrease in income tax was £390,480, due to the increase in the percentage reduction from 20 per cent, to 33 1-3 per cent, provided by the Land and Income Tax (Annual) Act, 1924, a compensating influence being an increase in the income of taxpayers generally.
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Bibliographic details
Evening Star, Issue 19002, 25 July 1925, Page 3
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168LAND AND INCOME TAX Evening Star, Issue 19002, 25 July 1925, Page 3
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