Land and Income Tax Alterations

Horowhenua Chronicle, 21 August 1930, Page 3

Land and Income Tax Alterations

LEGISLATION BEFORE THE HOUSE WELLINGTON, Last Night. The Land and Income Tax Amend-' ment Bill, the Land and Income, Tax (annual) Bill and amendments to the Finance Bill wore introduced by Gover-nor-General’s message in the House this evening and were referred to the committee of the -whole House, The Prime Minister very briefly outlined the proposals of the measures, the chief of which were the repeal of the supcitax on land of an unimproved nature of £14,500 and over, while farmers holding land of a value of £7500 and over become liable for inc ime tax, and the provision for a five per cmt exemption on the unimproved value for land and income tax. Mr Forbes explained that under the Land and Income Tax (annual) Bill the amount of income tax would bo loft as in the Budget, namely 10 per cent. He had stated previously that he might have to increase the amount because of the abolition of the 2d tax on Is Od r nusement tickets, but after consulting the Treasury he dcc.drd to take a spewing chance on the revenue. A clause was brought down by Governor’ ■ me.- 1 age carrying p tuo Prime Minister's piomise to revert to the system of paving 8 per cent on. the net petrol tax revenue on April 1, 1931, also his promise relating to the payment of main highways funds expiring on August 31 next year.

All three Bills wore read a first time and the House adjourned at 10 p.»u.