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
313INCOME TAX Hokitika Guardian, 13 April 1932, Page 2
Using this item
Te whakamahi i tēnei tūemi
The Greymouth Evening Star Co Ltd is the copyright owner for the Hokitika Guardian. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of the Greymouth Evening Star Co Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.