INCOME TAX INSTALMENTS
NO FURTHER PROVISION WISHED. DELAYS FOR “CONVENIENCE.” By Telegraph.—Press Association. • - Wellington, Last Night Mr. F. Lye (Co., Waikato) asked in the House of Representatives to-day whether arrangements could be made to enable income tax to be paid in instalments, thus giving taxpayers an opportunity of avoiding the 5 per cent, penalty for lat* payment I . The Minister of Finance (Jthe Rt. Hon. J. G. Coates) outlined the system by which instalments could be paid in advance, taxpayers receiving tite benefit of interest on amounts so paid. Avoidance of the 5 per cent penalty was -an inducement to taxpayers to pay at the right time. In the absence of such provision it would be impossible to estimate the receipts of revenue to March 31. In the case of serious hardship the commissioner had power to remit the tax, including the penalty. This provision would appear to cover any case "which might arise. It did not appear desirable to provide for cases where payment was postponed as a matter of convenience.
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Taranaki Daily News, 10 February 1933, Page 7
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172INCOME TAX INSTALMENTS Taranaki Daily News, 10 February 1933, Page 7
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