LAND AND INCOME TAX.

Gisborne Times, Volume XXVI, Issue 2088, 14 January 1908, Page 2

LAND AND INCOME TAX.

VIEW'S OF THE COMMISSIONER MORE CAPITAL AND LAND VALUE THAN NEW SOUTH WALKS. Special to Times. WELLINGTON, Jan. 13. Mr Peter Heyes, Commissioner o Taxes, says there is a very suhstan tial increase, in the amount of ta:. to be collected this year. Six yeai: ago the land and income tax amount ed to only £364,000.. This year it will be nearly £550,000. In a few years it should be a million sterling and even now as a revenue produe er the department- stands second t-.. the Customs Department. The income tax this year will yield £3OO, 000, which is £22,000 more than was collected last year. The tendency t; increase the' tax on land led to legis lation last sesion that will largely swell the revenue. The fax for tin present year will amount to over hall a million, or an increase of no lesr than £102,600 for the year. Mj Heyes explains that the big rise i: due mainly to tho graduated tax Under ordinary circumstances tlie ta:-. should increase with the improved valuations, and this natural lucre incut- is put down at. £lso.uod. Tin same cause operating upon the gra duated tax accounts for anothei £SOCO of the increase and £64,00: represents the benefit to the state conferred- by the Land and Inconu Assessment Act of 1907. The a.hSen tee tax is growing too. Absented pay 50 per cent more graduated tax than owners who live in the Domin ion. Their contributions in land tax alone amounted to £668 in 1592, bu last year this total had jumped up t£4327. aud it will now be largely increased through th/- operation of tin ■lew graduated taxation. Tlie amount expected to be realised from the absentee landlord this year is £5700 The total amount of graduated land tax payable this year is £190.000 Tho New Zealand revenue from land and income tax is larger than that of New South Wales, and Mr Mevei says we have more capital ami unimproved land value in New Zealand than in New South Wales.