LAND AND INCOME TAX.

Manawatu Herald, Volume XXXII, Issue 907, 20 October 1910, Page 3

LAND AND INCOME TAX.

Wki.ungton, Oct. 18. The Laud and Income Tax Bill (the annual measure), introduced in the House of Representatives this evening, is not the Bill of old. In a word, it provides tor the imposition of a graduated income lax. The new provisions are worth quoting in full. It is laid down that in respect of incomes of companies (including companies and all non-resident taxpayers assessable under section S 5 of the Laud and Income Assessment Act, 1908) there shall be paid for every £1 sterling of the income chargeable by law derived or received for the year ending as aforesaid, a duty by way of income tax as follows ; —(1) Where the income does not exceed one shilling ; (2) where the income exceeds ,£1250, but does not exceed ,£2OOO, one shilling and one penny ; (3) where the income exceeds one shilling and two pence. It is further provided that lor every pound sterling of income derived or received from business employment or emolument, a duty by way of income tax as follows shall be paid for the year;—(l) Where the income does not exceed sixpence; (2) where the income exceeds ,£4OO, but does not exceed sevenpence ; (3) where the income exceeds £ 6OO, but does not exceed eightpence ; (4) where the income exceeds but does not exceed ,£BOO, uiuepence ; (5) where the income exceeds £Soo, but does not exceed £ 9OO, tenpence ; (6) where the income exceeds ,£9OO, but does not exceed /,iooo, elevenpence ; (7) where the income exceeds but does not exceed one shilling ; (8) where the income exceeds but does not exceed £2OOO, one shilling and one penny ; (9) where the income exceeds one shilling aud two pence.