FRESH TAXATION PROPOSALS

Southland Times, Issue 22992, 11 September 1936, Page 8

FRESH TAXATION PROPOSALS

COMPANY DEBENTURES MINOR ALTERATIONS IN SCALE (From Our Parliamentary Reporter.) Wellington, September 10. The taxation proposals outlined in the Budget are embodied in the Land and Income Tax (Annual) Bill, which was introduced in the House of Representatives by Governor-General’s Message to-night. The rates to be levied are substantitially the same as those outlined in the Financial Statement and will apply during the current financial year. Minor alterations have been made in the scale of taxation on income from company debentures. It is provided that the tax will be 4/- for every £1 of assessable income in cases where the income has been derived from debentures issued by a company before August 28, 1923, on terms providing for tiie payment of income tax by the company, and 6/- for every £1 in similar cases where debentures have been issued since that date. In every other case the rate will be 8/2 in the £, which will also be the rate for local body debentures. In explaining the alterations the Minister of Finance (the Hon W. Nash) said that where the rate had been 3/in the £, plus 30 per cent., the new basis of assessment was a flat rate of 4/- in the £. Similarly, where the rate had been 4/6, plus 30 per cent, the new rate would be 6/- in the £.