INCOME TAX EXEMPTION.

Colonist, Volume LV, Issue 13775, 16 July 1913, Page 7

INCOME TAX EXEMPTION.

£25 FOR CHILDREN..,-.

BANKS AND CUSTOMERS' BALANCES.

(From Qnr Own'"Correspondent.-)

WeHtttgton, July 15. Tn the words oi; the Minister of Finance- the Government has decided to liberalise the' income tux.. An amendin"- Bill-introduced.-this aiteruoon was oxphiim-dAv tho'Hon. Mr. Allen, who stated that it provided ioj an increased exemption in the ras<v oi person* who had fhildrou deponent . upon thorn. The present exemption oi £'M) applied to all but the Government considered that a further exemption of £25 should b> allov.od in icspucL of each dopen-1-tiit chid uj) to tho nA<\ of U> ; ;ri;l limits d to a total ■:xemption. ot .tItJU. TikKm- thi=- l:tvid ])io\i!-ioii a\.ii > ;iKo mode thai the t.pccial exo-npiinn f honld not apply if the total income douv.ola iVmn .ill' ftourci^, inchidin» Luul, <J\'-c-ovlh €7CK) p.v annum. Kor somo time i>?st tho law, m 10----".md to benks ujviiia information In res])ort to the income of those ba,-:u^ de];osiU had not, been oneratn c. When the G'f'v-crnmfiiit raino into office this 'rt»'.s poiniol out hy the d^paitino'icil

officers. Jle (the. Minister) had met the authorities representing tho banks, and .they.had agreed"to al.oiv the clause to be*-operative as- from April Ist last. Local' bodies, and others receiving deposits, were also to b~b included in the operation of this clause.