TAXATION PROVISIONS.

Hawera Star, Volume XLV, 7 September 1925, Page 2

TAXATION PROVISIONS.

THE ANNUAL BILL

; LAND AND INCOME SCALE. ' , The Taxing Bill (Annual) introduced into the House of Representatives oh Friday specifies the following scale of , taxes for the current year: • LAND TAX. (1) Where the unimproved value on 1 which land tax is payable does not exi ceed £IOOO, the rate of land tax shall, save as otherwise provided, he Id for , every £1 thereof. (2) Where the unimproved value on which land tax is payable exceeds £IOOO, the rate of land tax shall be Id for every £1 thereof, increased by one twenty-thousandth part of Id for every £1 in excess of £IOOO, but so as not to exceed in any case the rate of 7 17-20 d in the £l. (3) From the land tax computed in accordance with the foregoing provisions there shall in every case be deducted an amount equal to 5 per cent thereof. INCOME TAX. (1) On income tax assessable under sub-section 43 of section 116 of “The Land and Income Tax Act, 1923,” and derived from debentures issued before August 28, 1923, the rate of income tax shall be 3s in the £l, and in the case of debentures issued on or after August 28, 1923, 4s Gd in the £l. (2) On income assessable under subsection 3 of section 118 of “The Land and Income Tax 1923,” and derived from debentures issued before August 28, 1923, the rate of income tax shall be 2s Gd in the £l, and in the case of debentures issued on or after August 28, 1923, 4s 6d in the £l. On the taxable income of all taxpayers other than those referred to in the preceding clauses, the rates of income tax shall be: (a) Where the income on which tax ia payable does not exceed £3OO, 7d for every £l. (b) Where the income exceeds £3OO, but does hot exceed £6OOO, 7d for every £l, increased by two three-hundredths of a penny for every £1 in excess of £3OO. (c) Where the income exceeds £6OOO, 3s 9d for every £l, increased by one three-hundredths of a penny for every £1 in excess of £6OOO, but so as not to exceed in any case the rate of 4s 6d in the £l. The income tax payable by any taxpayer shall be reduced by 10 per centum of so much thereof as is levied in respect of earned income, provided that if the earned income of a taxpayer for any year exceeds £2OOO, the reduction provided for by this clause shall be made only in respect of the sum of £2OOO.