LAND TAX ADJUSTMENT.
THE MORTGAGE EXEMPTION. (Bv Telegraph.—Special to Star.) WELLINGTON, Sept. 22. As there seems to be some uncertainty regarding the fact of reducing from ten to five per cent., the over-all deduction from land tax which is provided in the Land and Income Tax Amendment Bill as amended by the Public Account Committee, your cmrespondent asked the Prime Minister to explain the position. “The change made by the committee,” explained Mr Massey, “will release approximately £65,000 of Ifie concession in land tax to be made by the Government this year. This amount will enable, the exemption in respect of mortgages to be exteuded. At present there is complete exemption up toi £4OOO, tapering off till £BOOO is reached, when exemption disappears. The new proposal is to carry complete exemption anp to £IO,OOO ana taper off until at £15,000 it disappears. This will give assistance to a very large class of fairrner on good quality land, and ns this land is worth at least £SO per. ac?e it is easy toi see that men who, comparatively speaking, are small farmers will get the benefit of the extended exemption.
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Hawera Star, Volume XLVIII, 23 September 1924, Page 5
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189LAND TAX ADJUSTMENT. Hawera Star, Volume XLVIII, 23 September 1924, Page 5
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