Thank you for correcting the text in this article. Your corrections improve Papers Past searches for everyone. See the latest corrections.

This article contains searchable text which was automatically generated and may contain errors. Join the community and correct any errors you spot to help us improve Papers Past.

Article image
Article image
Article image
Article image
Article image
Article image
Article image
Article image
Article image
Article image
Article image
Article image

INCOME TAX

ST EERER GRADUAT ION

LOWER RATE OF EXEMPTION

WELLINGTON, April 11

As a result of income tax adjustments which the Government is con::empla.ting, it is likely that taxpayers will this year be called upon t" pay as much on reduced incomes a.s they did last year. Steeper graduations of payments wil] probably be introduced, although it is believed that no actual increase- in the rate of payments will be enforced.

According to the '.statement presented to Parliament last week by the Hon. W. Downie Stewart, it is proposed to raise a further £2,200,000 by means of taxation, which will probably include a sales tax on wholesalers to yield up to £1,000,000 in a full year. As the first Step in the readjustment of the income tax levies, it is understood that the exemption will be reduced from £260 to £2OO. The exemption diminished last year at the rate of 531 for every £3 of excess over £260 and not over £560. further diminishing at the rate of ,£1 for every £1 10s over £560, leaving- no exemption allowable when the assessable income reached £BOO. The proposal U that the exemption shall this year diminish at a rate which will leave no exemption when the «s"essab!e income is £7lO. Income taxation is usually regarded as one of the most profitable sources of 'State' revenue, but the Minister for T'iiiaii'e estimates that the yield this year will be only £3,500,000, or 20 per cent, less than las( year, bast year's emergency charges will also remain. They included : A .super-tax increase from 10 'to 30 per cent. A .special emergency. tax of 35 1-3 per cent, of taxable income payable on unearned income. | .A special flat rate of tax of dd in | (lie £ on excess of assessable income over £SOO. The elimination of the deduction ol 10 per cen;. in respect of unearned income.

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/HOG19320413.2.7

Bibliographic details
Ngā taipitopito pukapuka

Hokitika Guardian, 13 April 1932, Page 2

Word count
Tapeke kupu
313

INCOME TAX Hokitika Guardian, 13 April 1932, Page 2

INCOME TAX Hokitika Guardian, 13 April 1932, Page 2

Help

Log in or create a Papers Past website account

Use your Papers Past website account to correct newspaper text.

By creating and using this account you agree to our terms of use.

Log in with RealMe®

If you’ve used a RealMe login somewhere else, you can use it here too. If you don’t already have a username and password, just click Log in and you can choose to create one.


Log in again to continue your work

Your session has expired.

Log in again with RealMe®


Alert