INCOME TAX.

Manawatu Herald, Volume XXXV, Issue 1131, 9 August 1913, Page 3

INCOME TAX.

THE GRADUATION PROPOSALS.

The Land Tax and Income Tax Bill was introduced in the House or Representatives yesterday by Governor’s Message. The land taxes are not altered from last year, but a very substantial change is made in the imposition of taxation upon incomes. The direct ladder-like method of the past is altered, and a graduated and proportionate scale of increas e imposed. The taxation of companies’ incomes is altered, and made heavier in the case of the larger companies. The scale of the past wasUp to is in the £ ; between and is id ; over £2OOO, is 2d. The new rate is :—Up to is. in the £; between ,£I6OO and a duty assessed at the rate ot is. for every pound of such income increased by the twohundredth part of a penny for every pound in excess of £l6 00 ; over is. 4d, in the £. In the case of incomes, the jumps by hundreds from 6d. below to is. 2d. for those over are abolished, and the following scale established: —On taxable income from to ,£4OO, a duty of 6d for every pound thereof; on incomes between ,£4OO and £2400, “a duty assessed at the rate of 6d for every pound of such income increased by the two-hundredth part of a penny for every pound in excess of Where the income exceeds a duty of is 4d in the £ is imposed.