Land and Income Tax.

Tuapeka Times, Volume XLIV, Issue 5970, 17 August 1912, Page 1

Land and Income Tax.

PROPOSED AMENDMENTS. WKiLUKGTON, August II The Laud and Income Assessment Amendment Kill was brought down by Governor's Message in 'the Hmisi- this afternoon. Amoug its provisions is a wider definition of an " ag«ni," so that the term will a PP'y to nil persons acting as agents in New Zealand, rjotwit'hstanding that the actual contracts of sales are effected by them out of New Zealand. Another amendment provides that a mortgage shall be assessed at the 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 effect by an ngent, provision is made enabling the Coni'iniseioner to levy the t*x on the n:- r cnts themselves, .so as to prevent leakage, One of the essential features of the Bill is in regard to land of CM,00(1 valuo and i upwards, other than land used for business purposes. The Land Tax on such laud will be an increase of 25 per cent, on the present rates, this increase beginning from L'IiO.IHIO value instead of 1411,000, as previously. A slight decrease is made in the tax on estates between C">,000 and £15.000. Another proposal is that i!>e rem derived from licensed premises shall ilm deemed as iixoine derived from the business, and shall be subject to the Income Tax accordingly. The licensee is allowed to deduct live amount- of his license fee from his return oi income. It is proposed to remove the treble duty in respect of arrears or tales of deceased persons.