SALES TAX RECORD

Otago Daily Times, Issue 26199, 9 July 1946, Page 4

SALES TAX RECORD

£10.542,023 FOR WAR USES

The total amount of sales tax collected in the financial year ended March 31 reached the record figure of £15,047,757, an increase of £1,322,505 on the previous year’s total. Of the year’s total revenue. £10,542,023 was specifically war taxation. Sales tax receipts for the past seven financial years showing the amount collected for ordinary revenue purposes, that is, at the original rate of 5 per cent, have been: —

Before June 28, 1940, the rate of sales tax was 5 per cent, of the sale value of the goods to which it applied, there being numerous exemptions, including the more important foodstuffs. On June 28. 1940. the rate was increased to 10 per cent, with a further increase to 20 per cent, from May 11, 1942, both of these increases being for war purposes. Certain items, such as apparel, footwear, woollen piece-goods, and yarns, and some additional foodstuffs, were exempted from the second increase.

Ord. tax. War tax. Total. Mar. 31. £ £ £ 1940 .. 3,520,703 — 3,520,703 1941 .. 3,515,617 2,252,021 • 5,767,638 1942 .. 3,545.178 3,543,554 7,088,732 1943 .. 3,608,243 7,404,183 11,012,426 1944 .. 3,762,406 8,980.941 12,743,347 1945 .. 4,117,009 9,608,243 13,725,252 1946 .. 4,505,734 10,542,023 15,047.757