INCREASED TAXATION.

New Zealand Herald, Volume LXVII, Issue 20650, 23 August 1930, Page 12

INCREASED TAXATION.

NEW RATES NOW IN FORCE.

more from amusements. HIGHER STAMP DUTIES PAYABLE. The new rates of taxation specified in tho Finance Bill came into force yesterday. Stamp duties on documents presented for' stamping havo been increased by 10 per cent. The exemption from gift duty has been reduced from £IOOO to £SOO per person per annum, and a tax of 2A per cent, lias been imposed on dutiable gifts of £SOO to £IOOO. Tho death duties on large estates have been increased from 20 per cent, to 30 per cent, of the amount by which nn estate exceeds £IOO,OOO. lhere are various other changes with which the public is only indirectly concerned. Tho amusoment tax and tho totalisator tax are of most general interest, formerly a racing club received per cent, and tho Government 2\ per cent, from tho totalisator investments. Now tho Gov-

ernmcnt's share is increased to 5 per cent., leaving tho club's share as before. Tho 5 per cent, tax on dividends also remains. The effect is to increase the total deduction from a little under 5s to a little under 3s 6d in the pound. Sinco tho proposed new amusement tax has been twico amended, the changes are best explained by means of tho following table: — '

Ticket Old Budsot Koviscd Price. t , ax - tn.x8. d. d. <1- dio I 1 C ' " v ■> 0 -- ' ' q r. a 1 !) 0 3 * } ■lO 5 o «> ■t c. <> I s 0 «; I 8 0 o 9 10 It was intended to retain the 2d tax on Is 6d tickets, but this was deleted in committee at tho instance of the Opposition. ,