LAND AND INCOME TAX

Dominion, Volume 12, Issue 220, 11 June 1919, Page 8

LAND AND INCOME TAX

":■ METHOD OF ASSESSMENT ! v STATEMENT BY HON. A. M. | ,!«>;.: •_■, MYERS I "Realising the' keon interest displayed j at'the' present time by tho taxpayers of ; tlio'U)6toiiuon with reference to tho inj cidehcV' of' land and income taxation," i, . said the Hon. Arthur Myers, Actingf. Minister of Finance, to a Dominion reporter, „"I ,haye had ; tho following tables j prepared, giving the yield of land and i income tax . for the years ended March I ; 31, 1914, /o 1919. These tables will no d°ubt b/pf considerable interest in view cf,,the.'aa<!l;; r thaf; tho wholo question- of tax; assessment will be reviewed in .the near' future." ' ■ 1 (Yields of Land and Income Tax for the, I . '; Years 'Ended March 31, 1014-1819. j ' ■*■■? ""'.'. ,'„,' 'ProporI ',"."'''.','/','". .' Pro- tion i , '" '- i; - '"' portion percent i percent. In- of total f '*'-' Land : of total ' come taxaMar, 31i tax. taxation, tax. tion. ', ;:■( ■: . ■!■!' -g ■ '£ ! ■"'" 1914 > ... ' 767,451 12.97 554,271 9.37 i ' 1915 ... 799,641 13.60 540,318 9.19 i 1916 ... 1,048,356 14.43 1,392,119 19.16 L ■ 1917'... '713,118 6.76 4,262,126 40.40 !' 1918 ~ 1,385,708 11.23 5,619,501 -45.54 ' ! 1919 _. 1,512,693 *11.03 6,219,335 *45.36 I _ "Approximate. ; "Taking the same periods, Mr. . Myers I" saTd-that'the rates of- tax wore as fol- |- "■'" i -.-1914.—Land Tax: Ordinary, Id.; mort- (' gages,''3d.; graduated, minimum, l-32d.; j graduated maximum, 5 5-6 d. Income Tax: | Minimum, 6d.; maximum, -Is. 4d. !■ , 1915.—Land Tax: Ordinary,' Id.;.mortgages, Jd.; graduated minimum, 1-S2d.; !. graduated maximum, 5.5-6 d. Income Tax: I Minimum,. 6d.; maximum, la. 4d. : . ! ",. 1916.—Land Tax: Ordinary, Id.; mortI gages, Id.; graduated minimum, l-32d.; : maximum, 5 5-6 d.; plus 50 per cent, super. I" ■ tax' Income. Tax: "Minimum,; Bd.; maxi- ': mum, 2s. Bd. ' '.' '"" . ","" i- 1917—Land Tax: Ordinary, Id.; gradu- ! ' ' ated minimum, l-32d.; graduated; maxiinum',' 5 5-6 d.; plus 50 per cent,' super ' tax;, Income Tax: Minimum, ' Is. 2d,; ! maximum, Ss. Bd.; plus excess profits, ' -duty, l :4s-per.cent, . ! 1918-Land Tax: Minimum,,ljd.; maxiI mum, 10J. Incomo Tax: Minimum, Is. • 3d.; maximum, 7s. 6d. ' ]919.-Land Tax: Minimum, ljd.i max>- ! mum, lOjjd.' Income Tax; Minimum, Is. ! 3d.;..maximum, 7s. 6d. ..' x i -"It' will be remembered," said -Mr. S. Myers, /-'that .during the 1917 session the '; excess profits duty, which was found to ' present great difficulty of application and I displayed, many anomalies creating in- :'■ jii9tico ; as between one taxpayer and an- ■ . other, was abolished, and the whole as-. i eessment of land and income tax was S f . revised.. The system of charging two land taxes, ordinary and graduated, was re- !: -pealed, and one tax imposed at a- pro-j '- grossive rate. The allowance of the de> ' •'' duction of mortgages' from, the unimproved value of the land was repealed, thus |.' completely transferring the assessment | of mortgage's from land' tax to income ! tax. An amended progressive rate ivas i ' imposed, on incomes •Tanging from 6d. in the £ up to 3s. in the £, and a special ; war ■ tax was imposed on all assessable incomes in excess of .£BOO at the schedule 1 rate's for the ordinary income tax with an addition of 50 per cent. This method ' of' assessment of land and income with ; the rates of tax then enaoted is still i in.; force.