INCREASED DUTY

Taranaki Daily News, 23 November 1929, Page 9

INCREASED DUTY

COMMONWEALTH BUDGET SPEECH SURPRISES HOUSE TAX ON BRITISH IMPORTS SUPER-TAX ON INCOMES By Telegraph—Press Assn.—Copyright. Canberra, Nov. 22. The Federal Treasurer, Mr. E. G. Theodore, has unexpectedly presented the Budget and estimates of the new Government in the House of Representatives. He declared that the late Treasurer grossly miscalculated the commitments and also the probable revenue. The increased expenditure, for which inadequate provision was made, totalled £807,340. The Government proposed to raise a further £885,000 by an increase in the income tax, the existing rates to be increased by the imposition of a guper-tax as follows: On taxable incomes of individuals receiving £2Ol to ( £l5OO, 10 per cent.; from £l5Ol to £3OOO, 15 per cent.; from £3OOl upwards, 20 per cent. The revised estimate was £43,250,000, £500,000 less than the Budget estimates. The Government docs not intend to levy the 5 per cent, on the gross re- • eeipts from entertainments. The excise duty on petrol is to bo increased a penny and the duty is to be increased on leather, cotton and wool yarn. The recent increase of threepence per gallon in beer excise will be reduced to a penny. The total revenue is estimated at '£64,589,000 and the expenditure at £64,574,442, leaving an'estimated surplus of £14,558. HEAVY DUTY IMPORTATIONS. BLOW AT BRITISH-INDUSTRY. Rec. 0.40 p.m. Sydney, Nov. 22. The Federal Government’s new tariff duties have dealt a staggering blow to British industries, and necessarily raise the cost of living in Australia. Whisky, brandy, rum, gin and other spirits have been increased 8s per gallon. Very heavy increases have been imposed on imported cigarettes, cigars, felts, furs, white lead and varnishes. White timber for box-making has been increased by 7s per 100 feet super and dressed by Bs. Prohibitive duties arc imposed on imported socks and stockings. The duties in some cases arc doubled. The foreign rate on matches lias been doubled. The Sun newspaper says: •’‘This extra £2,000,000 per an num extorted by Mr. Theodore by way of new taxation represents a tax of 5 per cent, ou £40,000,000 of our industrial income and is bound to result in additional unemployment. The average amount of taxation paid by 8169 compan ce in Australia in the past was £325 12s lid. The average amount payable under the new schedule will be increased by £65 2s 7d to £390 15s Gd.” Mr. Theodore presented his budget speech without warning at 10.28 last nigh£, when the business of the House was' proceeding drowsily, as everyone supposed there would bi an early close. The Press was not supplied with details beforehand, as has been the practice in the past, and the telegraph officers had mostly gone off duty. The result was a hectic time in rounding up telegraphists from their homes, wh.le pressmen feverishly prepared messages from printed copies provided after the speech began. To crown all, the pneumatic chute from the gallery to the teleg-ziphic office jammed, causing delay. The Budget taxes are hardly more popular among business men than is their announcer, Mr. Theodore, to-day among parliamentary pressmen.