TAX RETURNS

Otago Daily Times, Issue 23859, 13 July 1939, Page 2

TAX RETURNS

INCREASE IN FOUR YEARS FORTY-EIGHT PER CENT. TOTAL £37,764,000 LAST YEAR Revenue from taxation for the year ended March 31, 1939, according to the latest monthly Abstract of Statistics, totalled £37,764,912. This is an increase of £997,387 compared with the total of £36,767,525 for the preceding 12 months. For the year ended March 31, 1936, the total revenue from taxation was £25.476,372, so that the latest figure represents an Increase over 193536 of £12,288.540. or more than 48 per cent. The taxation figures for the last four financial years (ending March 31) are as follows:

Taxation receipts in 1938-39 < £37,764,912) show an increase of £997.387 over the previous record established in 1937-38.

Customs revenue, in keeping with the high level of imports, remained very buoyant and exceeded the Budget estimate by £650,000, Employment promotion taxation in 1938-39 totalled £5,461.202. an increase of £356,183, reflecting the higher levels of salaries and wages receipts in 1938-39. and the flight increase in other incomes in 193738. The yield from income tax increased by £224.732, the two branches of taxation on income together accounting for 58 per cent, of the total increase between the two years. Substantial increases are also shown in two other important classes indicative of business activity, namely, motor vehicles taxation and sales tax.

Total. Per head. 1935 £ £ s. d. .. 25,476,372 t 16 5 6 1937 .. 31,164.302 19 14 10 1938 .. 36.767,525 23 1 3 1939 .. 37,764,912 23 8 9