LAND AND INCOME.

Star (Christchurch), Issue 10538, 13 August 1912, Page 3

LAND AND INCOME.

THE NEW BILL. [From Our Correspondent.] WELLINGTON, August 13. The Land and Income Assessment Amendment Bill was brought down by Governor's message in the House this afternoon. It will widen the definition of " agent" so that it will apply to all persons acting as agents in New Zealand, notwithstanding that there are actual contracts of sales effected by them out of New Zealand. Another amendment provides that a mortgage shall be assessed at tho full amount of the security. The Bill also makes an agent for a non-resident principal personally liable for the tax in the case of sales by the agent. Provision is made for enabling the Commissioner to levy a tax on agents themselves, so as to prevent leakage. One of the essential features of the Bill is regarding land of £30.000 value and upwards, other than business. Tho land ta:r on such land will bear an increase of 25 per cent on the present rates from £30,000 instead of £40,000, as previously, and a slight decrease on estates between £SOOO and £15,000. Another proposal is that the rent derived from licensed premises shall be deemed income derived from business, and be subject to income tax accordingly. The licensee will be allowed to deduct the amount of the license fee from his return. It is proposed to remove the treble duty in respect of arrears on deceased estates.