Land And Income Tax Rates Are Unchanged

Chronicle (Levin), 11 September 1948, Page 5

Land And Income Tax Rates Are Unchanged

WELLINGTON, Sept. 10. With the exception of the £10 personal exemption provided for in the Budget, the rates of land tax and income tax for 1948-49 are the same as for the previous year. This was explained by the Alinister of Finance (Air. Nash) when the annual Land and Income Tax Bill was introduced in the House of Representatives this morning. Air. Nash replied in the negatmwhen the Leader of the Opposition (Air. Holland) inquired if the Bill contained l( another bombshell. " Air. Holland said the Alinister might have decided to' give effect to some of his earlier promises of taxation relief, giving an incentive to greater production. Air. Nash emphasised in regard to the £10 exemption that, where the incomes of a liusband and wife are aggregated for assessment purposes, there would be two exemptions. The Bill provides that if the tax payable by the taxpayer before allowing tlie rebate is less than £10 there shall be allowed a rebate of the amount of the tax. If the taxpayer is a married man upon whom an aggre gate assessment is made, there shall be allowed a rebate equal to the sum ?f the rebates which would be allowable to him and his wife if separate assessments were made.