BILL RE-IMPOSES LAND-TAX

Hawke's Bay Herald-Tribune, Volume 81, Issue 14, 9 October 1937, Page 3

BILL RE-IMPOSES LAND-TAX

Press Association.)

Income-Tax Rates Are Unaltered NO HARDSHIP PR0VISI0N

(By Telegraph— .

WELLINGTON, Last Night. The rates of land and incomo tax ruling last year are to be enforced again by the Land and lncome Tax (Annual) Bill, which was introduced in the House by Governor-General's mes» 3age this afternoon. The rates wiii apply to land and income tax to be levied in the current iinancial year. The actual rates are: — Land tax: ld in the £ on land witA an unimproved value not in excess oi £5000; ld in the £, increased by on-. eight-hundredth of a penny for ever;, £1 in excess of £500 on land with an unimproved value exceeding £5000, the rate in any case not to exceed 6d in the £. Income tax: 4s in the £ on income derived from debentures issued by a sompany before August 28, 1923; 6s in the £ on income derived from debentures issued by a company after August £28, 1923; 8s 2d in the £ on income from all other debentures; Is increased by one-hundredth of a penny for every £ in the case of companies and public authorities, and ls 8d increased by onehundredth of a penny for every £1 in the case of all other taxpayers where the income on which tax is payablo does not exceed £5500; 5s 7d in the £, increased by one-hundred and fiftieth of a penny for every £1 in excess of £5500, in the case of companies and public authorities where the income on which tax is payable exceeds £5500, but so as not to exceed in any case a rate of 7s 6d in the £; 6s 3d in the £, increased by one-hundred and fiftieth of a penny for every £1 in excess of £5500, iu the case of all other taxpayers where the income on which the tax is payable exceeds £5500, but so as not to exceed in any case a rate of 8s 2d in the £. The provision for the addition o.f 33 l-3rd per cent. to the tax levied in respect of unearned income is repeated. When the Bill was introduced, the leader of the Opposition (Hon. A. Hamilton) asked whethor there was provision for the Commissioner oi Taxes to grant relief in cases where the j payers of land tax were suffering from j hardship. The Minister of Finance (Hon. j Walter Nash): Not in this Bill. Urgency was taken for the preliminary stages, and the Bill was read a first time. In order to give the Land and Income Tax Department adequate time in which to send out assessment noticec, the Bill will be put through its remaining stages on Tuesday.