INCOME TAX.

Dominion, Volume 6, Issue 1824, 9 August 1913, Page 6

INCOME TAX.

THE' GRADUATION PROPOSALS. Tho Land Tax and Incomo Tax Bill was introduced in tho House of Representatives yesterday by Governor's Message. The land taxes aro' not altered from' last year, but a very substantial change is made in the imposition of taxation upon incomes. Tho direct ladder-liko method of tho past is altered, and a graduated and proportionate scalo of increase imposed. ' Tho taxtion of companies' incomes is altered, and made heavier in tho 'case of tho larger companies. The scalo of tho past was:—Up to .£1250, Is. in tho £; between .£1250 and £2000, Is. Id.; over .£2OOO, Is. 2d.

The new rate is:—Up to £IGOO, Is. in tho £; between £1600 and 1 £2400, a duty assessed at the rato of Is. for every pound of such income increased by the twohuudredth part of a penny for every pound in excess of £ 1 GOO; over -i.'2-100, Is. id', in the £.

In the case of incomes, tho jumps by hundreds from 6d. below JG4OO to Is. 2d. for those over .£2OO are abolished, and the following scale established:—On taxable income from £300 to £100, a duty of Gd. for every pound, thereof; on incomes between £400 and £2400, "a duty assessed at the Tato of 6d. for every pound of such income increased by .tho two-hundredth part of a penny for every pound in excess of £400." Whero the income exceeds' £2400, a duty of Is. 4d. in the £ is imposed.