UNEMPLOYMENT TAXES.

Manawatu Standard, Volume LVII, Issue 160, 8 June 1937, Page 7

UNEMPLOYMENT TAXES.

LAST YEAR’S RECEIPTS

WELLINGTON, Juno 8. The revenue of the Employment Promotion Fund for the year ended March 31 last amounted to £4,667,255, according to an abstract of the national accounts issued as a special Gazette last evening. Before the passing of the Employment Promotion Act last session of Parliament, the Employment Promotion I und was known as the Unemployment Fund. This Act did not alter the incidence of unemployment taxation, hut it changed the name of the unemployment levy of 5s a quarter to registration levy, and the term emergency unemployment charge as applied to the wages tax of 8d in the pound was replaced by employment charge. Revenue from the wages tax amounted to £3.784 402, and from the levy to £440,561. The previousyear the wages tax produced £,3003.0J0 ami the levy '£416.335, but in view of tile higher rate of tax imposed for part of that year and adjustments in the incidence of the levy, no equitable comparison can he made with last year’s figures. The vevenue for the year ended March 31, 1936, totalled £5 289 562, bill there was a credit balance of over ' £1.000.000 in. the fund at the beginning of that year Last year’s expenditure from the fund totalled £4 210 578, leaving a balance of £253,245 at the end of the financial year.