THE NEW TAXES.

New Zealand Herald, Volume XXIX, Issue 8931, 15 July 1892, Page 11 (Supplement)

THE NEW TAXES.

AMOUNT OF REVENUE TO BE DERIVED FROM THEM.

[BY TELIiGHAPH.—SPECIAL CORRESPONDENT,] Wellington, July 9. The following report by the Commissioner of Taxes, Mr. Crombie, lifts been laid on the table of the House, and ordered to bo printed :—

. I have the honour to submit the results, as iar as ascertained, of the assessment of land and income. It will be understood that the exact figures cannot yet be arrived at, but those I state may be relied on as accurate, and make sufficient allowance for alterations that may have to be given efTect to in respect of assessments for the laud tax in the graduated scale, including reductions made by the Boards of Review.

The ordinary land tax is fixed at Id in the £1 on land mortgages, less the amount on mortgage, and less the value of improvements up to £3000, for each owner, and the exemption. It must be remembered that the assessments have in all cases to be again checked before the demands for the tax are sent out, and sending out demands always 1 earls to claims for reduction in assessment. The total taxable value for the land tax is 105,920, which at Id in the £ gives £229,608. in levying the tax, it would be prudent not to estimate its yield at more tlnyi £219,608, a deduction of £10,000, which will bo sufficient to cover all reductions that will be necessary. The graduated tax is on the unimproved value, no deduction being granted. I have not hud the additional absentee graduated tax yet calculated, but the amount will not be important as regards the revenue. I anticipate that many alterations may have to be made in finally adjusting the assessments for the graduated tax, and (although the result now comes out at £72,307, it would be prudent in levying the tax to allow for a possible reduction of £5000. A table giving values and tax in the various grades is attached The yield of income tax from companies, including the tax on debentures, is still to a great extent in the estimate, but it may be set down as £47,000. I hope shortly to have more exact information under this head. The total debenture debt ot companies is about £10,000,000. The returns of income from firms and persons give these totals, an exemption of £300 being deducted Business— Up to £1000, £470,437 at 6.1 «. .. £11,761 Over £1000, £293, at Is .. „ .. 14,944 *£20,705 Employment and emolument— Up to £1000, £434,011 at Gil .. £10,8. Over £1000, £63,700 at Is 3,18S £14,038 A summary of the income tax returns therefore shows Companies .. £47,000 Business . • 26,705 Employment and emolument 14,033 Total £57,743 The time has not permitted any scrutiny of the returns of income, but I am certain that many returns will be materially increased upon investigation, and that the number received will be rgely added to as soon as demands are sent to those persons who have neglected to forward returns. I estimate that the present result, £40,743, will be increased to £45,000. To summarise the foregoing, I may state

that the following may be accepted as the results that will be reached :— Land Tax £219,003 Graduated land tax C 7, 07 Income tax, companies 47,000 Business, employment, anil emolument .. 45,000 Total.. _ £373,915 I am, &c,, C. M. Crombie, Commissioner of Taxes. To the Hon. the Colonial Treasurer. GRADUATED LAND TAX.

Value of Owners Land Less T'l Value Rate of rp„„ Improvements. in Class. Tax. £ £ £ d. £ 5,000 and less than 10,000 4,900,830 i 2,055 10,000 and less til in 20,000 4,955,301 2-8 6,102 20. 0 and less than :i0,"00 '2,720, £ 4,259 30,"0U and less than 40,000 2,008,197 4-8 4,184 40,000 and less than a;', 000 1,338,394 g 3,484 50,000 and less than 70,' 00 3,090,334 C-S 9,072 70 000 and less than 9'i,0()0 1,612,000 J 5,877 90,000 and less th in 110,000 760,402 1 3,200 110,000 and less than 130.U00 932,138 li 4,309 130,000 and less than 150, 133,259 1 2-S 094 150,000 and less than 170,0 iK) 1,140,777 1 g 0,534 170,000 and less than 190,000 357,309 1 4-S 2,233 190,000 and less than 210,000 202,373 1 § 1,370 210,000 and over 2,505,078 10-S 18,708 Total £20,743,370 £72,307