INCOME TAX PROPOSAL.

New Zealand Herald, Volume L, Issue 15375, 9 August 1913, Page 8

INCOME TAX PROPOSAL.

NEW GRADUATED /SCAtgf| 1 <i -POSITION OF BIG COMPANYV [BY TELEGHAPH.-~Sr£CUL CORHESPOS^|;^! : WntuNCTO?.-,- Friday J The Land Taj: fend Income Tax Bill *„ 1 introduced in the House to-day by Go*e. 1 nor's Message. The land taxes are ''$* J! altered from hist year, but a very -a ;1 stantial change ih made in. the imposi&l 1 of taxation <;/ upon V incomes. The * ditsa ladderlike method of the past is alt/aa, 'I arid a graduated and proportionate sejU .': of increase imposed. ".''-"A'l The taxation -of companies' incomes' altered and made heavier. In the ca» - of the larger companies the scale vol ititfSjj' past was, up to £1,250 Is in the £, " &:' tween £1250 and £2000 Is Id, ; ; £2{j||| Is 2d. ; The new rate is, up to £lfflQ : £ in tho ,£, between £1600.and £2400 " 4 -■- duty assessed at the rate of is for eveif £ of such % income, increased by the hundredth part of Id for every £ "i D «... cess of £1600; over £2400 Is 4dMn=tfcV In tho case of incomes the jumps,* ]™ hundreds from 6d below £400 to ia.'2p£ for those . over £2000 are abolished," ami -'■■ the . following scale established:— ' «.' ' comes 'below £400, a duty of 6d for every £ thereof; :on ',;incomes between £400 'aaj*'* £2400 "a assessed at the rate &4 6d for every h of such income increased. : by the two-hundredth part, of Id forever* £ in excess of £400." Where the incona;" ■ exceeds £2400 a duty of Is 4d in the Wm is imposed. ■ ;y' ,— J=s—s-- \-'\