THE LAND AND INCOME TAX.

Western Star, Issue 1575, 1 July 1891, Page 2

THE LAND AND INCOME TAX.

The New Zealand Times publishes the following tables, which show the operation of the Tax on each of the three classes^tnn braced in the Financial Statement, outside of joint-stock corporations, banks, insurance institutions, et hoc. The first table deals with the Land Tax, and shows in separate columns to what amount of tax lands of various values v/ill be liable. This table assumes the total values of land, including improvements ; the probable improvements effected, and the highest figure on which allowance is made for such improvements, the operation of the additional exemption of £SOO up to a certain amount; and the sum liable to Taxation up to £22,000 of gross value. It alsj shows the amounts payable according to the graduated scale as specified by the Colonial Treasurer from Id per lb of taxable value up to ljj' per pound—

The second table similarly specifies the operation of the Income Tax on incomes derived from trade and commerce. On snch incomes there is an exemption from the tax £l5O on all incomes, and a further deduction by way of abatement of another £l5O on all incomes not exceeding £6OO per annum.

Tables three treats of iucomes arising- from salaries and from the exercise of the learned and skilled professions, legal, medical, clerical and others. Income from these sources are exempt up to £BOO, and from incomes above that amount £3OO deduction is allowed. In the words of the Treasurer in illustration, “An income of £SOO will therefore pay on £2OO, and an income of £IOOO on £7OO, with a rate of 3d in the £ on the first £3OO over the exemptions, and 6d in the £ over that amount. A person in possession of £SOO income will pay under this proposal £2 10s per annum; if in possession of £6OO, he will pay £5 per annum; of £7OO, £7 10s per annum, and so on.” On this basis, the last of the three tables has been computed as follows : Z•o • g a g . lucotnc. - I |S |3 Is m 3 3 3 ftps 3 0 a ° w 3 3 3 s <! £ £ & £ &s. d. 303 and under 300 Nil Nil Nil 400 303 103 Nil 15 0 500 300 200 Nil 210 O 003 300 200 100 5 0 0 050 300 200 130 6 5 0 700 300 200 200 710 0 800 303 200 300 10 0 0 900 300 203 400 12 10 0 1000 360 203 500 15 0 O 150 ) 300 203 1000 37 10 0 3000 303 300 1500 40 0 O !OOJ 300 200 3300 65 0 0 1000 300 200 3503 82 10 0

CJ > c c. i-o II mO «> ~J Q d 3 C5 If * -U a P* K "2 is 1 a £ 3 H -(■; £ £ £ £ ff. d 1. '00 400 500 SOOafcld per£ 1 5 0 ], 1)0 500 500 500 „ „ ,, 2 18 2. >00 800 500 700 ,. „ „ 2 18 4 :: ;;):) 1,300 500 1,300 „ „ „ 5 8 4 1, )00 1,500 Nil 2,500 „ „ „ 10 8 4 1 )DD 2,000 Nil 2,000 „ ,, „ 8 6 8 ] ,‘>03 2,500 Nil 2,500 „ „ „ 10 8 4 (i 000 3.000 Nil 3,000 „ „ „ 12 10 0 8,000 3,000 Nil 5,000 „Hd„ 23 8 9 1 ’,000 3,000 Nil 7,000 „ „ 32 16 3 15,000 3,000 Nil 13,000 „l|d„ 50 0 0 20,000 3,000 Nil 17,000 „I«d„ 70 16 0 30,000 3,000 Nil 27,000 „ lid,. 154 13 » 50,000 3,000 Nil 47,000 „ „ „ 293 15 0 100,000 3,000 Nil 97,000 „U<i„ 1,293 3 4 200,000 3,000 Nil 197,000 „ „ „ 1,392 3 4

Annual AbateAmount \mount of Income ment. charged tax Is per £ payable. £ £ £ £ a d o'jO 300 Nil Nil 400 300 100 5 0 0 500 300 200 10 0 O GOO 300 300 15 0 0 G50 150 500 25 0 O 700 150 550 27 10 O 800 150 G50 32 10 O 1,000 150 850 42 10 O 1,500 150 1,350 67 10 0 a,000 150 1,850 92 10 0 :i,000 150 2.810 143 10 O 5,000 150 4,850 242 10 0 10,000 150 9,850 493 10 0