LAND AND INCOME TAX.

Taranaki Daily News, Volume L, Issue 60, 4 October 1907, Page 2

LAND AND INCOME TAX.

' BILL PASSED lix THE HOUSE. Per Press Association. Wellington, October 3. After midnight, the Premier said the . alterations that had been made to UiO . Bill had improved the conditions, particularly in regard to coal mine proprietors. Referring to llax, he said he was quite prepared to look into the matter. It was not possible to uo as the Leader l of the Opposition suggested—to exempt i flax altogether from income tax. Ji iMr Massey's suggestion to exempt • mortgages were .acceded to, it would be impossible to collect the graduated tax, 1 as every landowner would get a mortgage on his land io avoid the tax, and would invest his money in some other . direction. This tax had been instituted to meet the demands pf the people, and was intended to lead to the voluntary cutting up of large estates. The Premier strongly defended clause 10 (the ; 15 per cent clause) with its proviso. He denied that double taxation was imposed under the Bill. If business pre- | luises were taxed, he continued, then i were only nineteen businesses in tile Dominion which would be liable to the graduated tax. Under the provisions of tile Bill lie pointed out that a landowner had eighteen months in which he ( could divide his land and bo get out of paying the tax. Mr Massey rose to make a personal explanation. He considered green llax should be exempt from income tax in the same manner as crop wheat. The Premier said the man who received a large income from growing llax had no right to exemption any more than one who gained his income from timber lands. j On divison,. the third reading of the Bill was agreed to by 58 to 2. The Bill was then passed. The House adjourned at )2.3!> p.m.