N.Z. INTEREST TAX

Hokitika Guardian, 14 May 1932, Page 5

N.Z. INTEREST TAX

REGULATIONS FOR STAMP DUTY

(By Telegraph — t'e.r Press Association

WELLINGTON, May 13

A supplement to the New Zealand Gazette, issued to-day, contains the regulations concerning the stamp duty on the receipts of interest from the Government and local authorities’ securities imposed by Part Four of the National Expenditure Adjustment Act, which was finally passed and assented to last Tuesday. Stamp duty is payable on the interest payable in New Zealand on Government and local authorities’ securities which we.re ; ;issued 0.a„.0r ..before* the9th of iflayv (The date of execution of the securities by the issuing authority is deemed to be the dilte of jasite. Tho interest on tlm moneys placed on deposits with loojtl authorities .or ' r before tho 9th of May is subject to stamp duty,

The interest on the securities issued after the 9th of May is not subject to stamp duty under the Act. The interest subject to the special stamp duty under the National Expenditure Adjustment Act is exempt from 1 the ordinary 2d receipt duty. • •• The special stamp duty, however, is not payable on the interest which was clue before the 14th of May, but the duty is payable on all interest that is due for payment in New Zealand on and after that date.