LAND AND INCOME TAX.

Taranaki Daily News, 29 August 1917, Page 5

LAND AND INCOME TAX.

DETAILS OF THE BEE. SOME NOVEL (PROVISIONa , (From Our Ovm CorrespondentlVWellington, Last Nigfct. The Finance Bill .introduced in tfcfl House of Representatives to-night in charge of Sir Joseph Ward is a meamjre of 76 clauses. It sets out the rates oi land tax and income tax for the v«ar ' commencing on Ist April. 1917, as'follows:— LAND TAX. **9 (1) Where unimproved value "on wMck land tax ia payable does not exceed £IOOO, the rate of land tax shall be H for every £l thereof. (2) Where the unimproved valne -oil which land tax' is payable exceeds £IOM the rate of land tax shall be Id for BTqrj £1 thereof,: increased by l-32,000d fo* every £1 in excess of £IOOO, but 80 BJ not to exceed in any case the rate of U in the £. . (3) In addition to land tax payable.a/ provided in clause 1 or clause 2 of tbis part of this schedulers the case may.be, there shall in every case be payable/foy ' way of land tax an amount equal to W per centum of lan'd'tax'so payable. INCOME TAX.. (1) On income assessable /under sufc» sectjon (3) of section 112 of the Land and Income Tax Act, 1916, the rate of incomo tax shall be Is for every £1 thereof. i (2) On taxable income of compaajflftj the rates of income tax shall bo as «* lows:—(a) Where income on which tftT is payable does not exceed £IBOO jthe rato shall be Is for every £1 thereof; the rate shall be la for every £1 thereof, increased by l-200d for every £1 in excess of £lfiOo, but so as not to exceed in a-ny case the rate of 3s in the £l. (3) On taxable income of all taxpayer* other than those referred to in clauses 1 and 2 hereof, the rates of income fax shall be as follows:—(a) Where income on which tax is payable does not exceed £4OO the rate shall be 6d for every £1 thereof; (b) where such income exceeds £4OO the rate shall be fld for every'£l thereof, increased by lr2ood for every £1 , in excess of £4OO, but so as Hot to ex« i ceed in any case the rate of 3s in the £l. Kxemptions from land tax are fixed at. £500;. where the total unimproved valse ioes not exceed £ISOO a/id when ,tb»< ' value exceeds £I6OO, deduction of £SOO diminishes at the rate of £1 for every £2 of that excess, eo as to leave no'&eduction when that value amounts to or exceeds £2500. " In lieu of the above deduction there may be deducted as a special exemption from the total unimproved value of land of th,e taxpayer in cases where that land or any part thereof was at qooi on the 31st day of March preceding.- th« year of assessment subject to mortgage, the following amount: (a) Where the 1 total unimproved value does not exceed £3OOOO the sum of £1B00; or (b) whew ' the total unimproved yaluo exceeds £3OOO the sum of £ISOO, diminished ai the rate of £3 for every £4 of that excess, so as to leave no deduction undel this paragraph when that value amount* to or exceeds £SOOO. Spocial clauses empower the Commissioner to grant exemption in case oi hardship or where the taxpayer widow has dependent children. Tho Special Exemptions Bill provide? that half the land 1 tax shall be payable in respect of hind hold by a religious > society exclusively for religious or charv ; table purposes, or of land held by as association of persons exclusively fot purposes of outdoor sports -other than horse-racing not conducted for pecuniar} gain. Clause 34 enables the Commissioner oi ■ Taxes to refund to a shareholder of l company, if the shareholder's total to come was less than £3OO, an amofffii equal to the amount of the tax paid bj It to the shareholder. SPECIAL WAR TAX. (1) Where the income on ■which speetal war tax is payable does not exceed £,400, ', the rato shall be Od for .every £1 thereof; (2) where tho income on which special war tax is payable exceeds £4OO, the rate shall be (3d for every £1 therer '< of, increased by one two-hundredth pari of a p'enny for every £1 in excess of £4OO, but so as not to exceed 3s m lib* . £1; (3) to the rates prescribed by 1 and 2 hereof respectively there shall be add* . ed an additional rate equal to 50 per . cent, thereof, and the total shall bo tho . rate of special war tax payable by the,' . taxpayer.