Late Payment of Income Tax Suspect to Chamber of Commerce

Grey River Argus, 4 June 1948, Page 4

Late Payment of Income Tax Suspect to Chamber of Commerce

P.A. WELLINGTON, June 3; « At a meeting of the Wellington Chamber of Commerce, a letter from 1 Rt. Hon. W. Nash about late income tax demands was read. Mr G. Steware, president, suggested that the Minister of Finance, when preparing the Budget each year, should bring to charge the amount of taxation outstanding. He said it was obvious that the Government had at present, available a large secret reserve arising from late issue of tax demands. He continued: “Information regarding this undisclosed balance should be made available to the public to enabled them to judge the necessity for taxation requirements for the ensuing year.” In reply to representations made by the Associated Chambers of Commerce about late despatch of demands, the Minister stated that in the Wellington district, the last day for payment was April 7, and this resulted in a carry-over of an amount which could not be estimated until the figures were analysed. “Notwithstanding, the late day for payment,” said the Minister, “I am advised by the Treasury that a fairly substantial amount of income tax payable by individuals in the Wellington district was, in actual fact, paid on or before March 31.”

The Minister added that it was corect that demands for tax payr able by some companies had been held over beyond March 31, but it was reasonable to assume that at March 31, 1949, there would again be demands for some companies held over, which would offset the tax received from this source during 19481949 in respect of the previous year. The amount ow .taxation carried over would be taken into account when the Budget was being prepared. The chamber decided that representations should be continued.