DOMINION FINANCE.

Sun (Christchurch), Volume II, Issue 510, 28 September 1915, Page 10

DOMINION FINANCE.

NEW TAXATION PROPOSALS. BILL BEFORE PARLIAMENT. [From our own Parliamentary Reporter.] WELLINGTON, September 28. The taxation proposals are contained in the Taxing Bill which was introduced this afternoon. - The measure makes some interesting alterations, in the -Government's original proposals. The tax on mineral oils has been withdrawn, and the original increase in the beer tax has been further increased to the extent of £20,000, making the total additional revenue from this source between £75,000 and £BO,OOO.

There will be an increase of a farthing in the tax on mortgages, making the charge one penny in the £. This will yield £60,000 annually. The Bill makes adjustment of taxation on mortgages that now escape the increase in the shape of war taxation. This increase will be in the direction of providing for income tax deducting the amount paid on mortgage by way of land tax. The alteration will ensure the payment of income tax upon receipts over and above what amount would be taxable under the old mortgage system. It is estimated that this alteration will yield an additional revenue of £30,000 annually. The proposal to increase the telephone bureau charges to sixpence has been withdrawn, and the charge is to stand at 3d. As it was impossible to discriminate between oil used tor industrial and other purposes, the tax has been abolished altogether, and the; amount of revenue so forgone (£194.000) will be made/up by cer-

tain additions to Customs revenue. All the proposals are included in the one measure. There has been no .alteration to land and income tax and no reduction of exemptions. The Minister emphasises the necessity forputling the taxing proposals into operation as quickly as possible, and points out that we are short, to the extent of £10(5,000. per month at present. That shortage has been going on since March 31. Every portion of the £2,000,000 revenue that comes in will be required, and there is "iound to be a shortage at the j _d of the iinancial year, as the full total of the proposed taxation will not have been collected.