LAND AND INCOME TAX.

Manawatu Herald, Volume XLIV, Issue 2494, 17 October 1922, Page 4

LAND AND INCOME TAX.

FURTHER DEBATE IX THE HOUSE. WELLINGTON, Oct. 13. When the llonse went into committee to-day on the Land and Income Tax Bill Mr McCallum said the number of people who would benefit by the repeal of the super tax was small, and he asked whether the Premier was wise in making this concession at a time when he was so much in need of money. Mr Holland said the Labour Parly was against the repeal of the super tax. which ho said was really a concession to the big landed estates. Mr Massey claimed that the concessions would nor benefit any particular class. Inti would benefit the whole community. Nearly a million of money was luting given back to the people, and rightly so, because no country could prosper if it was 100 heavily taxed, fiver 100.000 people would benefit directly by the remission of taxation, but -it- would "go far beyond' that; it would assist the whole community. After further discussion Mr Holland moved to amend clause two in the direction of limiting the remission of taxation to taxpayers whose taxable balance of rural lands does not exceed £IO,OOO. On division the amendment was rejected by 51 to 13. ' Air McCallum then moved that the remission should not apply to estates of over £2o.ooo"in value. On division the amendment was lost by 42 to 21. The clause was then passed. Afr Wilford urged that - there should not be such disparity between the reduction in the income tax imposed on foreijrn ins\trance companies: and that on other companies. The Prime Minister said he was not fully satisfied with the clause and would like to look further into the matter. The clause was passed unamended. On clause 14 (the special provision as to a, business carried on by husband and wife) Mr Wilford drew attention to the many Chinese partnerships which were making large profits and paying little if any income tax.

The Prime Minister said he would inquire into the matter, and progress was reported