WAR LOAN AND TAXES.

Waipawa Mail, Volume XXXVII, Issue 7918, 14 August 1917, Page 3

WAR LOAN AND TAXES.

rtPLANATION BY SIR JOSEPH ** WARD. Certain points relating to the war ami the new taxation proposals p been considered eapnble of more ' one interpretation. The ‘‘ Christarch Press" submitted some of to Sir Joseph Ward for n live settlement, and Sir Joseph wraphed brief but clear explana Jpg 0 f tvhat is proposed. points upon which information # sought were:— Hj Whether the war loan is to be of income-tax and of the war tax. .free of income-tax only but subject nr tax. |2) Whether the progressive land it Iranpinp from lid to 10Jd) apLfdto mortgages, being a levy on the value of mortgaged land. ,3) Whether, for example,a company nth large investments on mortgage £200,000) would have to pay 10£d impound on the unimproved value. (4) Whether the 5 per cent, exempuon the unimproved vnlue of land pjin producing income would cease the income produced reached o|. (This appeared to be a possible of the paragraphs in y ßudget under the heading “Propfvp Income Tax.") jr Joseph Ward’s reply to the pdenumerated is as follows: “(l) War loan is exempt from all poßf-tax, including war tax. “(2) Progressive land tax will not dr to mortgages, as interest from Dftffapcs is asscssihle for income-tax. drwsive land tax will he levied on unproved value of land only. “(3) A company holding £200,000 nr!pipes will not bo charged land Uon the mortgages, hut will he jible to income-tax on the interest. “(4) The 5 per cent, deduction is fcn unimproved value of land, which ittfd for producing income; and is fainrt from the £3OO exemption, ith latter disappears at £900."