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COMPULSION

WHAT TAXPAYERS MUST DO

FINANCE MINISTER EXPLAINS

LOAN PKOi'OSALS

"I regrot exceedingly that it, is necessary to have compulsory powers in tho Finance Bill," said Sir Joseph Ward iu the House of Representatives last night. "I hope that it will not be necessary to put tlio-o posers into operation against :my person or company. It is absolutely necessary that every person who has tho means, or tho securities to enable him to got tho means, should contribute tlieir full shai'O towards tho War Loan. The proposals in the, Bill for applying compulsion in cases of need will bo found to 'bo equitable and very effective. "A person who has not made a. fair contribution to the War 'Loans pay bo required to contribute towards this years loan at least three times the amount of his land and income tax. He may be requested further to contribute one and a half times his land and income-tax if he did not contribute to last years loan. The man.who did not contribute reasonably to either loan is called upon to provide four and a half times the amount of his land and income tax. In the event of his failure to contribute after notice has been served upon him under this Act, he will be liable to an addition of twice the amount of his land and income tax.

"It will rest with tho taxpayer whether he .comes under these provisions, which are drastic and are meant to be drastic.' I know, officially that it is essential -we should have power to put a provision of, this kind into force. The proposals are not mandatory. .They may be applied by the Commissioner _ for Taxes on the' authority of the Minister of Finance. No person need fear that anything but the most complete secrecy will be observed regarding the affairs of individuals. It will not be tho business of the Government or any member of the . Government to know any of the details in connection with the payment of taxes or contributions to the loan. The information will rest with the Commissioner of Taxes, an officer sworn to secrecy. Thero will be no disclosure made at any, time as to the names of persons or companies who may require to be brought under the austerity of the law. "The reason for tho compulsion is that the Government must have this huge sum of money. What is everybody's business is apt to be nobody's business. We might fail the money because each man thought that somebody else had supplied the funds reqnired. We need everybody's contributions."

Sir Joseph AVard quoted some illuslra.tious of tho .operation of the compulsory proposals. A taxpayer whose assessable income in the year ended March 31, 1917, was ,£3377 and who paid in land and incomo tax .CI9G3 could be required to lend the Government; .CSS!W. for tiio 1317 Loan and J62M4 for tho VM Loan. Those figures represented tho taxpayer's quotas. Tho quotas in tho case of a taxpayer with an assessable income of .£3671 and o. total tax for tho yeart of JHS3 would be- .£1359 for the 1917 Loan and .£679 for (he I!U6 Loan. Those were actual cases. A man who had an assessable income of -SlflOO lost year would pa.r.£39 in income tax. His quotas under the compulsory clause would bo £IXI for tho 1917 loan and vfSS for tho 191G loan.

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/DOM19170829.2.52

Bibliographic details
Ngā taipitopito pukapuka

Dominion, Volume 10, Issue 3176, 29 August 1917, Page 7

Word count
Tapeke kupu
567

COMPULSION Dominion, Volume 10, Issue 3176, 29 August 1917, Page 7

COMPULSION Dominion, Volume 10, Issue 3176, 29 August 1917, Page 7

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