DEDUCT CHILDREN FROM INCOME TAX

Chronicle (Levin), 11 October 1946, Page 8

DEDUCT CHILDREN FROM INCOME TAX

-Press Association

Bv Telegraph-

WELLINGTON, Oct. 10. When the Land and Income Tax Amendment Bill was introduced into the House of Kepresentatives, the Leader of the Opposition (Mr. Holland) asked if even at this late hour the Minister of Finance could indieate whether there would be any further re duction-in taxation. Mr. Holland said that all tlirougli the sessiou the Opposition had been urging the Government to reduce taxation. He had noticed in tlie newspapers that the linances of the country were buovant — more buoyant than the Minister of Finance had indicated in presenting his Budget — and even at this late hour cfiuld the Minister indieate whether tller'6 would ble any further reduction in taxation.' Mr. Nasli said tliat the Bill was a simple measure of seven eiauses. The right of those who receive the family beneht to the £50 exemption for children was restored. Prolits from inside native land development schemes were now exenipted from taxation, but any payments from outside schemes to beneiiciaries would be subject to taxa-

tion. Another eiause removeu anoma lies under which companies iu New Zea land with shareholders in Great Britain ■to whom interest was paid, were liable for income tax on that interest. The Bill now abolished that liability. There was also provision for the New Zealand Government to make agreements with other Governments for relief from double taxation. The Bill made provision for ref'unds to non-resident traders who had paid income tax and in accord ance with the Budget proposal, the Bill abolished the excess prolits tax.