STATE REVENUE

Otago Daily Times, Issue 27573, 15 December 1950, Page 8

STATE REVENUE

Trebled Since The War

' New Zealand’s tax bill has more than trebled since 1938-39. Over the same period the gross public debt has almost doubled, according to figures contained in the November Abstract of Statistics. Total taxation in 193839 amounted to £ 37,800,000, but for 1949-50 the figure rose to £135,560,000. This was an increase of nearly £5,000,000 on the total for 1948-49, which was £130,440,000. Customs and excise duty produced £26,300,000 last year, compared with £23,670,000 in 1948-49 and £11,730,000 for 1938-39. Sales tax jumped from £3,560,000 in 1938-39 to £14,110,000 in 1948-49 and £14,790,000 m 1949-50. Death duties dropped from £6,030,000 in 1948-49 to £5,710,000 last year. In 1938-39 they produced only £1,820,000. Income tax figures show the greatest rise—from £9,300,000 in 1938-39 to £49 010 000 in 1948-49. Last year the figure dropped slightly to £48,480,000 Motor vehicles taxation shows a slight increase from the pre-war figure of £3,060,000 to £3,610,000 and £3,640,000 for 1948-49 and 1949-50, respectively. The gross public debt jumped from £343,200.000 prior to the - war to £641,200,000 in 1948-49 and again to £670,100,000 last year. In the same years the debt held in London decreased from £196,100,000 to £106,200,000 and £104,300,000 respectively. Correspondingly, debt held in New Zealand by Government departments rocketed from the 1938-39 figure of £82,900.000 to £342,800,000 in 194849 and £388,400,000 last year. Figures for debt held by the public, in the same order! are £63.300.000, £ 191,600,000, and then a drop to £176.700.000.