A TAXATION.

Waipawa Mail, Volume XXXVII, Issue 7913, 2 August 1917, Page 3

A TAXATION.

-rfiSIVE LAND AND XN- '* COME TAX. fiSED CUSTOMS DUTIES. . „;th proposed new taxation gjjget speech last night, Sir Ifard said: — re f P rence to the excess-profits 'ill be remembered that last the House, in response erully expressed wish, to levy Ration on the extra profits . accrued to taxpayers owing n investigation it was ns it had been found in j and was afterwards found in 11 franec, and the United ',l,at the difficulties of ascercxactly the actual profits reborn the war were almost inb The machinery required purpose was too elaborate L the revenue to be collected lias required. In place of tax I will ask the Z authority to obtain the adijrenue from a progressive |income tax. Any system of ~hould be capable of such exwill meet all legitimate reals of the State, and what I r*ill, I feel sure, meet this gut. CRESSIVE land tax.

inis source we must collect a nenuc titan we did during the „ The land tax collected ( 'ns £713,118 out of a total faniu land and income tax of It roughly, one-seventh. 1 that instead of the present r and graduated land taxes progressive land tax, the (charged on the unimproved deduction of mortgages, rag exemption ns at present * the taxable balances up to pi then diminishing so ns to (it £3500, in order to prevent ,apoi) taxpayers whose lands (operatively low value, and (subject to mortgage. I will louse to approve an exempJIXIII in all cases where the value does not exceod Ibis exemption will then by £1 for every increase of i unimproved value above (1 will thus disappear when Droved value reaches £SOOO. sption to taxpayers whose irtgaged will represent a conit revenue to the small land(ounting to about £IOO,OOO. I propose will be a p r ogresihirii can be raised or lowericcntage additions or reducrccl tlie requirements of the t lowest schedule rate will he .£un the first £IOOO of taxone increased by l-32000d £1 of the interest over £IOOO inches 7d, which rate will be il £132,000. This gives a ■dilation tlinn the present Itc rate of which is broken, ie lower balances :ishi‘s on the higher balances, rbedule rates I propose to i ill-round addition of 50 per t[ minimum rote will then be the maximum 10$d. I hope ifrom land tax £1,250,000. SPECIAL WAR-TAX. v. purposes of a special war«to retain the tax at prey’d under Section 5 of the A t of last year on all assessmt in excess of £3OO, but it Hunted in the same way as jrssive income tax, and will ill-round nddition of fifty per tic schedule rates. The minithe rates charged for income Is 3d, and the maximum rate This I estimate will yield BESSIVE IX COM E-TAX. Met" retain the principle of mi irraduated income-tax, al«h a different graduation ey percentage nddition. The ir revenue required will be •'special income-tax, which I Im later. With regard to the finwime-tax, the present grad- *< sutlers from the same deJe graduated rate for land's a broken rate, and the insifvere on the lower incomes. Ivf propose to amend the "n? at the present amount the £ up to £IOO, and then rby 1-200(1 for each pound * over £4OO up to 3s, whieh reached at £O4OO. In the •f assessment I propose to unendinent by abolishing the adoption of 5 per cent, on value of the land used in fhe income, with the deduet’troin of the amount of inN ou any mortgage of such i to substitute an exemptiop the unimproved value ttd used for producing the per cent, on the amount fland-tax will he paid. The J till he allowed in full on •incomes up to £OOO only, 'then decrease by £1 for every ‘increase in the assessable in£6oo, ns to disappear at amount of revenue which k *'ill he obtained from in- [ nnder these proposals is the amount of tax ‘‘imato will he received under /'•sals is as follows:—Land--4000, ordinary income-tax •special war-tax £3,000,000, fiOXAL CUSTOMS AND excise duties. ‘° aße will he asked to agree to ** > n the Customs and excise * h*a, beer, spirits, chamcigarettes, silks, satins, joshes and imitation silks. Ml °nal revenue which in ordwould he realised by the increase is estimated at but owing to the dislocation JJS an d the consequent uncer‘nding nil importations at time, it would he unsafe felv upon obtaining more tjOOO from this source.