TAXATION INCREASES
ON INDIVIDUAL INCOMES I Increases under all headings arc fhown in the preliminrrv returns for incomes of individuals in the year ended March 31. 1941. appearing in the late?*. Abstract of Statistics. Compared «uh 1939-40 th? figures for the tax year 1940-41 have increased undrr all headings. The actual increases are:—Number of returns. 41.275 (16.1 per c*nt): number of taxpayers. 33.904 (19 4 per cent): assessable earned Income. £20 343.108 <24.7 per cent >: total assessable income. £21.052.586 <23.2 per cent); total returnable income. £23.705.436 (25.2 per cent); taxable balance. £8.160.350 (31.4 per cent); tax assessed. £2.981 (68.1 per cent). The aggregate assessable income of the two largest categories—viz.. of £200-£3OO and £300£400. which included 74.6 per cent of the number of returns —amounted to 57 per cent of the total assessable income. The percentage of
exemptions in these two categories is very high, with the result that the taxable balance comprised only 23.4 per cent of the total, and tax assessed amounted to only 16.6 per cent of the total tax assessed.
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Auckland Star, Volume LXXIII, Issue 123, 27 May 1942, Page 3
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174TAXATION INCREASES Auckland Star, Volume LXXIII, Issue 123, 27 May 1942, Page 3
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