INCOME TAX

Otago Daily Times, Issue 26115, 30 March 1946, Page 6

INCOME TAX

ADVANCE PAYMENTS PROCEDURE OUTUNED INTEREST AT H PER CENT. (P.A.) WELLINGTON. Mar. 29. A statement on The facilities available for making payments of income tax in advance was made to-day by the Minister of Finance, Mr W. Nash The Minister explained that the sale of income tax certificates, which had been available in former years for those taxpayers who desired to make payments of income tax in advance, had been discontinued, but in order to provide facilities for taxpayers who wished to make payments in advance arrangements had been completed by which income tax payments in advance would be accepted on and after April 1, 1946, at all money order post offices or at any branch office of the Land and Income Tax Department. “It is not necessary for taxpayers to await a notice of assessment of income tax,” the Minister said. “ Payments may be commenced immediately. The> procedure is simple—all that is necessary is to call at a money order office or branch of the Land and Income Tax Department and tender payment of any amount in multiples of £l. “ Interest at the rate of 14 per cent, per annum for each complete month from the date of payment to February 6 next will be allowed on all payments of income tax made in advance, and credit for the amounts paid, together with any interest thereon, will be shown on the dernand for payment when it is issued. “ It is expected,” the Minister added, “ that a large number of taxpayers will take advantage of the scheme, which should prove of considerable assistance, particularly to those taxpayers who experience a difficulty in finding the funds necessary to make payment of income tax in one sum in February of each year.”