SALES TAX RETURNS.

Waikato Times, Volume 121, Issue 20271, 13 August 1937, Page 8

SALES TAX RETURNS.

SUBSTANTIAL INCREABE. INTERNAL TRADE BAROMETER. RECORD FOR YEAR PROBABLE. The sales tax, first Imposed in March, 1933, has proved a good barometer of internal trade in general merchandise. The amount collected in June of this year was £283,094. a decrease of £26,702 on the total for May, but an increase of £41,940 over the figure for June, 1936. A record of £309,796 was established in May. The figures for each of the first six months of this year are considerably in advance of the corresponding months last year and the total receipts for this year should again set a record. Already collections amount to £1,673,664, an increase of over 25 per cent, over last year’s total for the same period. The following table compares the collections for the first six months of the past two years: 1936 1937 January £233,106 £294,431 February .. 186,875 104.624 March .. 206,101 296,637 April .. 234.491 295,082 May .. 233.493 309,796* June .. 24 1,154 283,094 •Record. The sales tax occupies a position of ever-increasing importance to the Consolidated Fund. In the national accounts for 1936-37 it was exceeded only by customs, income tax and stamp and death duties. Out of a total of £29,941,000 collected in taxation, sales tax accounted for £3,045,000, or about 10 per cent. If the present rate of Increase is maintained, the yield for tiie lull financial year should easily exceed this figure.