THE MORTGAGE TAX.
In the House of Representatives Mr McCallum (Wairau) asked the Minister of Finance whether he would introduce an amendment to the Land and Income Assessment Act, 1908, providing for an exemption from the mortgage tax of all mortgages whose total respective incomes from all sources, including that from the interest derived from their mortgages, does not exceed £300? Last session the Minister's reply to a similar question was that the matter was under consideration. It is suggests ed that the difficulty in the mind of the Minister might be got over by making the exemption apply only to loans to borrowers whose incomes are under £3OO per anhunt as well. The Hon. Mr Allen, Minister of Finance, in reply, stated that'as promised last session the matter had had consideration. It had, however, been found that to amend the Act in the direction suggested by the honourable member without reconsidering the whole incidence of the tax would only create further anomalies. At present a certain discretion is allowed the Commissioner which obviates any hardship.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/MS19140724.2.12
Bibliographic details
Manawatu Standard, Volume XLI, Issue 9855, 24 July 1914, Page 3
Word Count
176THE MORTGAGE TAX. Manawatu Standard, Volume XLI, Issue 9855, 24 July 1914, Page 3
Using This Item
Stuff Ltd is the copyright owner for the Manawatu Standard. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.