INCOME TAXATION.

Otago Witness, Issue 3100, 13 August 1913, Page 29

INCOME TAXATION.

NEW GRADUATED SCALE. (From Our Own Correspondent.)

" WELLINGTON, August 8. The Land Tax and income Tax Bill was introduced to-day by Governor’s Message. The land taxes are not altered from last year, but a very substantial change is made in the imposition of taxation upon incomes. The method of the past I* altered, and a graduated and proportionate scale of increase imposed.

The taxation of companies’ incomes is altered and made heavier in the case of the larger companies. The scale of th« past was : Up to £1250, Is in the pound { between £1250 and £2OOO la Id; and over £2OOO, Is 2d. The new rate is : Up to £ISOO, Is in th« pound; between £I6OO and £2400, a duty assessed at the rate of Is for every pound of such income increased by the 200th. part of a penny for every pound in excess of £1600; over £2400, la 4d in the pound. In the case of incomes the jumps by hundreds from 6d below £4OO to Is 2d for those over £2OOO are abolished, and th* following scale established on taxable incornea :—Below £4OO, a duty of 6d for every pound thereof; between £4OO and £2400, “ a duty assessed at the rate of 6d for every pound of such income increased by the 200th part of a penny for every pound in excess of £4oo.’’ Where the income exceeds £2400 a duty of Is 4d ia the pound in imposed.