CORRESPONDENCE
A TREBLE TAX
(To the Editor.)
Sir, —On Government debentures the following will be payable:— (1) Income tax. > (2) Thirty per cent, additional income tax.
(3) Thirty and a third per cent, on the total of (1) and (2) as "an unearned income special tax. ■
It is now proposed to reduce the interest by 10 per cent. For example, on a 5 per cent, debenture only £4 lQs will he collected. Now ' the Government proposes obtaining the reductions by a. duty stamp affixed to. the interest coupon. Technically therefore local investors will receive the full £5, and income tax will be. levied, plus 30 per cent., plus 33 1-3 per cent., on a 10 per cent, reduction which is never received.. Are we really to pay income tax and unearned increment.tax on money which we do not receive?"—l am, etc., , H.A.H..
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https://paperspast.natlib.govt.nz/newspapers/EP19320418.2.27
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Evening Post, Volume CXIII, Issue 91, 18 April 1932, Page 6
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142CORRESPONDENCE Evening Post, Volume CXIII, Issue 91, 18 April 1932, Page 6
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