EMPLOYMENT TAXES

Otago Daily Times, Issue 23213, 10 June 1937, Page 8

EMPLOYMENT TAXES

RECEIPTS FOR LAST YEAR The revenue of the Employment Promotion Fund for the year ended March 31 last amounted to £4,667,255. Before the passing of the Employment Promotion Act last session of Parliament, the Employment Promotion Fund was known as the Unemployment Fund. This Act did not alter the incidence of unemployment taxation, but 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 £ 1 was replaced by employment charge. Revenue from the wages lax amounted to £3,784,402, and from the levy to £440,561. The previous year the wages tax produced £3,503,690 and the levy £416,335, but in view of the higher rate of tax imposed for part of that year and adjustments in the incidence of the levy, no equitable comparison can be made with last year's figures. The revenue for the year ended March 31, 1936, totalled £5,289,562. but 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.