INTEREST TAX

Hokitika Guardian, 7 March 1933, Page 5

INTEREST TAX

SECURITY CHARGES PROVISIONS IN FINANCE BILL. (Per Press Association —- Copyright.) WELLINGTON, March 7. Provision. for the imposition of an interest tax at the rate of 33 1-3 per cent, on Government securities which have not been converted under the N e w Zealand Debt Conversion A-ct, is contained in the Finance Bill. It is further provided that mtereev tax at the rate, of 20 per' cent, shall be charged on all interest accruing’ on Existing state advances, rural, intermediate credit or land settlement association -securities, if the place fixed cither for payment of Interest or repayment of the principal, as. at April 1 1933, is in ■ New Zealand, or is at any time -after that date changed to a place ’in New Zealand. The imposition of . the interest tax on the amount repayable at maturity, in respect of . existing post office -investment certificates, is provided -f°r in another clause. - The amount payable., on. each class of certificate is based on a reduction of 20 per cent, -in respect : oi accruing -from April, 1, 1933 .to the datg of maturity of -certificates,. .• ■Special 4 <sxwuptlon ig made for the purpose of income tax, It. is. set out that the amount -paid by any person as interest tax in Jns'J«av UV respect of interest .included in, his assessable income, -shall . ded ‘ictible by way of • special exemption from - the 'assessable income of such p.srscn that year.