INCOME TAX

Hokitika Guardian, 29 March 1933, Page 2

INCOME TAX

THE SALE OF CERTIFICATES

CONTINUATION OF PRACTICE.

(Per Press Association'- Copyright.,

WELLINGTON, March 28

It is announced by the Minister of Finance that arrangementg have been completed for the continuation of the sale of income tax certificates. By buying these certificates month by •month throughout the year, taxpayers can provide for the payments of income tax to be met by February, 1934, and meantime they receive 3 per cent, interest on the amounts temporarily invested in certificates. Provision for the sale of certificates was made to meet a public dem'and for spreading income tax payments. In addition to spreading payments over the year, the practice will assist the finances of the State as it obviates so much borrowing in anticipation of revenue. On or after Ist, April, the taxpayer can go to a Money Order Office and pay in 19s 7d for instance, and will receive a certificate which will be laccepted for the value of £1 in payment for income tax on the due date next year. Certificates may be purchased for £1 or a multiple of £l. The full value of any certificate or part of a certificate in excess of the -amount of income tax assessed will be refunded by the Post Office when the certificates are surrendered in payment, of income tax.

From June last to February this year, the period in which certificates were on sale, certificates to l the value of £127,500 were sold.