INCOME TAX

Gisborne Herald, Volume LXVI, Issue 20130, 27 December 1939, Page 12

INCOME TAX

FIGURES FOR COMPANIES INCREASED LEVY Statistics of tiic incomes of companies for the income tax year 1938-39, which covers incomes corresponding generally to the 12 months ended March 3.1, 1938, are presented below, together with corresponding figures for earlier years. The figures which are given in the latest monthly Abstract of Statistics are preliminary and may be subject to slight amendment. Company Incomes. —Tax Years 1934-35 to 1938-39. c .e

In comparison with the previous year, the figures for 1938-39 show an increase of 585 (9.8 per cent) in the number of tax-paying companies: £1,170,650 (0,3 per cent) in the amount

of assessable incomes; and £407,395 <7.6 per cent) in the amount of tax assessed. These rises, however, are small, both absolutely and relatively,! compared with the outstanding in-' creases in 1937-38, the corresponding; increases for that year over 1936-37 j being—taxpayers, 924 (18.2 per cent), assessable income, £4,597,123 (33.1 per j cent),mncl tax assessed, £1,305,653 (32.1 per cent). The average assessable income and the average tax assessed per return have declined from £3085 and £897 re- j spectively in 1937-38, to £2988 and £879 respectively in 1938-39. Of the total of 6582 companies, the assessable income was less than £IOOO > in 4436 cases, this figure representing 67.4 per cent, of the total number. The

aggregate assessable income of these companies amounted to only 6.9 per cent of the total assessable income of all companies. On the other hand, the 280 companies which had assessable incomes of £IO.OOO and over accounted for £13.089,178 of the assessable income and £4,561,011 of the tax assessed. The percentages of the totals are 66.5 and 78.8 respectively.

TaxNumber of Assessable Tax vear. taxpayers. , income. assessed. !934-35 3811 9.518.36!) 2,175.069 1935-36 4332 11.909,611 2,782,658 1936-37 5073 13.901.919 4.071,509 1937-38 5997 18,499.042 5.377.162 1938-39 6582 19,669.692 5.784,557