TAXATION BILL.

Star (Christchurch), Issue 11504, 28 September 1915, Page 6

TAXATION BILL.

IMPORTANT ALTERATIONS. (By Telegraph—Spreial to tho "Star."} WELLINGTON, September 28. The Taxation Rill to b'< brought down to-day will contain some important alterations on the original proposal. Thore *\vill bo n lncrcuso oi taxution amounting to id en mortgages, bringing the tax up to Id in tho £. Tho increase will represent, about £60,000. There will also be an adjustment of tho taxation on mortgages, who now escape the increase, in the shape of war taxation. The increase will bo iij tho direction of providing for income tax after deducting the amount paid on mortgage by way <if land tax. Tho alteration will ensure the paving of income tax upon receipts over and above what amount will bo taxable under the old mortgage system. It i.s estimated that this will mean addition! revenue of about ).()00 annually. The beer mav will bo increased to the extent of about £20,000, or a total increase of from £70,000 to £BO,OOO. Tho tax on mineral oils and motor spirits will be withdrawn, the difficulty being the impossibility to discriminate between oil and petrol used for industrial purposes and for pleasure. The sum of £194,000 thus remitted will bo made up by additions to Customs duties. Telephone bureau fees, which it was proposed to doul>!e, will alfio remain as at present. The gross increased! revenue on the whole of the modified taxation proposals will be .about £2,000,000 as under the original proposals. Tho whole of tho taxation proposals will he embodied in the one measure, the measure which the Government _ intends trying to pass at to-day's sitting. Tho Finance Minister emphasises the necessity of putting through taxation quickly. He points out that if anyone divides two millions of proposed taxation by twelve, ho will see that we are short of £166.000 monthly at present. Those two millions, therefore, are absolutely essential as the shortage has been prevailing since March 31. Every portion of the £2,000,000 that comes in will bo required, and there is bound to be a shortage of over and above this extra revenue at the end of tho financial year, because the full total of new taxation will not have been collected' for the year. In some cases the collection will only be for six months.