INCOME TAX INSTALMENTS

Taranaki Daily News, 29 March 1933, Page 6

INCOME TAX INSTALMENTS

CERTIFICATES PURCHASEABLE. arrangement by government. By Telegraph.—Press Association. Wellington, Last Night The Minister of Finance announced today that arrangements had been completed for the continuation of the sale of income tax certificates. By buying these certificates month by month throughout the year taxpayers can provide for the payments of income tax to be met in February, 1934. and in the meantime they will receive 3 per cent, interest .on amounts temporarily invested in certificates. Provision for the sale of these certificates has been made to meet , the public demand for the spreading of income.tax payments. In addition to spreading the payments over the year the system assists the finances of the State as it obviates so much borrowing in anticipation of revenue. On or after April 1 a taxpayer can go to a . money order office, pay in 19s 7d, for instance, and receive a certificate which will be accepted for the value of £1 in the payment of income tax on the due date next year. Certificates may be purchased for £1 or a multiple of £l. The full-value of any certificate or part certificate in excess of the amount of income tax assessed will be refunded by the post office when the certificates are surrendered in payment of income tax.

From June last to February this year, the period in which certificates were on sale, certificates to the value of £127,500 were sold.