FREE STATE FINANCE

Poverty Bay Herald, Volume XLIX, Issue 16115, 2 May 1923, Page 6

FREE STATE FINANCE

BORROWING NEGESSARY

UNPAID INCOME TAX

LONDON, April 16.—The. first Free State Budget introduced' by Mr. Cosgravei in the Dail Eireann shows no alteration in taxation. The import duties remain, but Empire preference will be instigated. The revenue for the year ended March 51 totalled: £28,000,000, but thci Exchequer issues for the maintenance of the, public services, although not necessarily all ex pci idl'd, amounted' to £2,333.000 more), which, together with £197,000 in hand, was borrowed! on revenue.

The 1 total is/ subject to modification, owing to Anglo-Irish financial adjustments, but the balance threatens to be substantially against the Free State.

The estimated! revenue for the forthcoming year is £26,500,000, and! the expenditure £46,500,000. Extensive borrowing is therefore necessary. The President concluded on an'/optimistic note, and' hoped that the revenue will cover all the commitments as- the country settled down and the irregulars became exhausted.

Mr. Cosgrove bewailed! the l widespread non-payment of the income tax. Over £300,000 was due in Dublin alone from persons capable of paying. The Government. proposed to ask employers to deduct the tax from employees’ wages.