THE TAXING BILL

Evening Star, Issue 22441, 11 September 1936, Page 6

THE TAXING BILL

SOME MINOR AMENDMENTS " I “ TAX FREE DEBENTURES [From Our Parliamentary Reporter.] WELLINGTON, September 10. The annual Taxing Bill, introduced by Governor’s Message in the House to-night, and read a first titne, is in accordance with the announcements in the Budget, though the Minister of Finance explained that there were two minor amendments in respect to tax free debentures. The first was that tax free debentures that were previously assessed at 3s plus 30 per cent., or 3s 10 2-sd, were now assessed at 4s. The other amendment was that, where the tax free debentures were assessd at 4s '6d plus 30 per cent., or 5s lOd, they were to be assessed at 6s; otherwise the proposals were the same as in the Budget. The land tax schedule specifies a rate of Id in the £ where the unimproved value is not exceeding £5,000, increased by one-eight-thousandth of a penny for every £ in excess, to a maximum 6d in the £. There are minor alterations in the scale of taxation on income from company debentures, under which the tax will be 4s for every £ of assessabte income in cases where it has.been derived from debentures issued by the company before August 28, 1923, on terms providing for the payment of income tax by the company; and 6s for every £ in similar cases where the debentures were issued since that date. In all other cases the rate will be 8s 2d in the £, this including income from local body debentures.