CAPITAL LEVY

Greymouth Evening Star, 2 November 1946, Page 7

CAPITAL LEVY

HOLLAND TO REDEEM INTERNAL DEBTS . INFL ATIONJ3AFEGU ARD (Rec. 11.0 a.m.) LONDON, Nov. 1. A capital levy up to 25 per cent, on the holdings of individuals and corporations is provided foi' in a bill introduced by the Government in the Lower House of the Netherlands Parliament, states the Netherlands Embassy in London. The bill provides for a 10 per cent, levy on the- first 100,000 guilders, 15 per cent, on capital between 100,000 and 200,000 guilders, 20 per cent, between 200,000 and 500,000 guilders, 22| per cent, between 500,000 and 1,000,000 guilders and 25 per cent, over 1,000,000 guilders. The savings of small capitalists, who are over 40 years, will be exempted if they are below 50,000 guilders yielding up to 3000 guilders annually. There is also provision for the exemption of the insurance policies of people without pension rights. The measure provides against international double taxation. The levy must be paid within a year. Reuter’s correspondent at The Hague says the bill affects persons and corporations abroad with property in Holland. The assessments will be based on the size of property at November 1, 1946. The levy is designed to help in redeeming internal debts and will also absorb surplus purchasing po\yer.