THE NEW TAXES

Manawatu Times, Volume XL, Issue 13210, 29 September 1915, Page 5

THE NEW TAXES

Press Association. —By Telegraph. WELLINGTON, Sept. 28. In the House Sir Joseph Ward explained the modifications now proposed on the proposals made in the Budget. It was proposed to increase the tax on mortgages by %d, making the tax Id in the £, giving an increased amount of £6OOO. The Bill makes the adjustment of taxation on mortgagees who now escape increase in the shape of war taxation. The increase will be in the direction of income tax, after deducting amount paid on mortgages by way of land tax. The alteration will ensure payment of income tax upon receipts over and above what amount would be taxable under the old mortgage system. It is estimated this alteration will yield additional revenue of about £30,000 annually. On beer is an increased rate, which will yield roughly £20,000, making the amount now payable in additional beer duties between £70,000 and £BO,OOO. The Budget proposals of taxation upon motor oils, kerosene and petrol are removed. This includes all motor spirits. Telephone bureau fees will not be doubled as proposed, but will remain at 3d.

The proposed duty 011 non-alcoholic beverages will not be imposed this year, but a commission be appointed to go into the whole question of how revenue from this source shall be collected. The remissions made will be as follows:—Petrol and kerosene, £194.000; bureau charges, £20,000; non-alcoholic beverages, £20,000. He was also of opinion that he over-estimated the revenue from farmers' income tax, and this estimate is now reduced by £BO,OOO, these reductions totalling £314,000. This he proposed to make by the following additions:—l per cent, primage duty on imports, valued at twentv millions, £200,000; mortgage tax", £65,000; income tax on mortgagees, £30,000; beer duty, £15,000, or a total of £310,000. The altered taxation will yield the equivalent of the first Budget ' proposals, the whole amounting to about £2,000'.000. The land and income tax proposals. of the Budget stand. He asked that the finance Bill be put through all stages. The resolutions were adopted.