INCREASED TAXATION

Taranaki Daily News, 26 August 1930, Page 11

INCREASED TAXATION

; t NEW RATES NOW IN FORCE. ■ : HIGHER STAMP DUTIES PAYABIS. ' The new rites of taxation specified in the Finance Bill -are now in force • , in New Zealaild..;j Stamp duties on documents presented for stamping have been increased by 10 per cent. The exemption from gilt d,uty has been reduced from £lOOO to £5OO per person per annum, and a tax of 2J per cent, has been imposed on ’ dutiable gifts of £5OO to £lOOO. The death duties on large estates have been increased from 20 per cent, to 30 per cent, of the amount by which an estate exceeds £lOO,OOO. There are vari- , ous other changes with which the public is only indirectly concerned. - The amusement tax and the totalizator tax are of most general interest. Formerly a racing club received 7$ per cent, and the Government 2i per cent, from the totalisator investments. Now the Government’s share is increased co 5 per cent., leaving the club’s share as before. The 5 per cent, tax on dividends also remains. The effect is to increase the total deduction • from a little 'under 3s to a little under 3s 6d in the £. ."i -' Since the proposed new amusement tax has been twice amended, ’he changes are best explained by means of the following table:—

It was intended to retain the 2d tax on'* Is 6d tickets, but this was deleted in committee at the instance of the Opposition.

Ticket Old Budget, Revised Price. tax. tax. tax. s. d. d. d. , d. 1 0 .— 1 1 6 — 2 — 2 0 —— 3 3 2 6 3 4 4 3 0 3 '44 .3 6 4 5 5 4 0 5 5 6 4 6 6 6 7 5 g, 0 G 6 7 6 0 7 7 8 8 0 ’ 9 -.9 10