TAXATION LEVY
REASONABLE REDUCTION BUDGET FIGURES DEFENDED (From Our Parliamentary Reporter) WELLINGTON, Aug. 27. With war expenditure remaining at £51,000,000 this year, it would be unreasonable, that there should be very drastic reductions in taxation, said Mr C. H. Chapman (Govt., Wellington North), speaking in the financial debate in the House of Representatives tonight. He added that he would have been pleased if income taxation had been lifted on those with less than £3OO a year. The £21,000,000 remitted in taxation by this year’s Budget was as much as could wisely be returned, and people would recognise that no greater remission could be made so soon after the war. Mr Chapman said that the change of venue of war liability would mean a saving of £2,000,000 in interest, the eliminating of interest on the overseas war debt effected a saving of £1.330,000, and the repayment of the sum due under the Memorandum of Security meant the saving of a further £675,000.
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Bibliographic details
Otago Daily Times, Issue 26242, 28 August 1946, Page 6
Word Count
161TAXATION LEVY Otago Daily Times, Issue 26242, 28 August 1946, Page 6
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