INCOME TAX INSTALMENTS

Evening Star, Issue 21093, 4 May 1932, Page 14

INCOME TAX INSTALMENTS

INTEREST ARRANGED ON PREPAYMENTS (From Cue Parliamentary Reporter.] WELLINGTON, May 3. It was made clear by the Hon. Downie Stewart to the House to-night that taxpayers taking advantage of the now instalment system would receive interest on amounts prepaid to the department. During the second reading debate on the Annual Taxing Bill, the Minister said the Government had received a great many requests that the annual taxing Bill should be introduced at a time which would enable them to pay their taxation by instalments, on account of the substantial nature of the rates. They had pointed out that, by getting their assessments earlier, it would be of groat advantage to them in that respect. As far as the Government was concerned, the Bill could have been brought down during the main session, but it was realised that by the passing of the measure to-night the taxpayers would know what their taxation was to be, and thus would bo enabled to make pre-payment by instalment. Provision would be made in the Finance Bill for the payment of interest for the time the Government had the use of money on any instalment of income tax paid in advance. Prepayment was a matter which rested with the taxpayer himself. Air Holland asked what form the instalments would take; whether they could be paid half-yearly, quarterly, monthly, or weekly, and whether they would be on an equal basis throughout.