INCOME-TAX INSTALMENTS

Dominion, Volume 14, Issue 60, 4 December 1920, Page 8

INCOME-TAX INSTALMENTS

. VIEWS OF PIUAIE MINISTER. Br Tolajrranh—ti-wHB Association. „„ Auckland, December 3. llio proposal that, income-tax should be made payable by instalments is one which the Prime Minister, as Minister of Finance. is disposed to consider favourably. Mr. Massey said it was a suggestion which contained advantages for both sides. Not only would it give tho taxpayer an opportunity of meeting his obligations a portion at a time, but' it would help ib tide the Government over those lean periods in the year when incomings were not sufficient to meet current calls, and when it was often necessary to borrow temporarily in order 'to tide over the time. The only disadvantage was Miat it would entail more bookkeeping, an increase in the staff, and a certain increase ill overhead expenses. To change to the system would entail legislation, so there , was no prospcct of i'i being effected before next year. The position of the Government! in regard to borrowing was satisfactory. ' As soon as the present <£6,000,000 loan for soldier settlement was fully subscribed it would not l>c necessary to ask for any money for some time to come, as far as I could be judged. That loan would re- ! main open umlil December IG. The ■£2,0)0,000 loan for public works was virtually completed. There were some thousands short of the" full total, but tho deficiency was not large enough to be of any moment. Not only were these the only loans lo be ilou:led,.for some time, but the ,£6,000,000 would 1)9 definitely tho last to which the compulsory principle would ho applied.