THE PETROL TAX.
YIELD EXCEEDS ESTIMATE. The yield from petrol tax of 4d ia gallon which was introduced in ' New Zealand ia year ago is showing •« handsome margin over the estiuniates. In introducing the legislation, the Government estimated that the tax would produce about £720,000 a year. The revenue for the 'first 11 months of 1928 has exceedVd £813,000, s'o that even 'after pi Jo.vision for refunds is made, the '.‘amount available for reading is 'above the expected income, without considering the last mouth of the year.
Refunds for the .full 12 months . of 1928 are not expected to exceed ■ £50,000. In the first quarter of this year refunds for farm machinery, dry /cleaning, launches -and other purposes amounted to £11,436. The total for the second quarter was £10,575, iand in the third quarter ithe sum was in the vicinity of £13,000. Allowing a deduction of £50,000 for the full year from the 11 .months collection of £813,000, it (appears that there is already a mar,gin of £43,000 over the estimate of £720,000.. The cost of collection 'and refunding must, of course, he lallowed for, and this sum will, no doubt, be heavier in the .first year than .in following years. There have •been many 1 complications due to ignorance on the part of applicants for refunds. ‘The actual imports of motor spirits in the 11 months of 1928 a•mounited to 48,781,403 gallons, an .increase of over 5,000,000 gallons on the aggregate for the corresponding period of 1927.
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Manawatu Herald, Volume L, Issue 3892, 8 January 1929, Page 4
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248THE PETROL TAX. Manawatu Herald, Volume L, Issue 3892, 8 January 1929, Page 4
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