TAXATION OF MORTGAGES.

Taranaki Daily News, 5 September 1917, Page 5

TAXATION OF MORTGAGES.

'<■■ ' BY LUMSTEB. ' '• EXTEA T Sin>r OV KXEMPTIQJJ 1 ■ ■''■ HiOMISBD. By Parliamentary Keporfefc Wellington, Last Night. ' _ Replying to references to the taxation of mortgages, Sir Joseph Ward said thajs if the Government was to gat the required amount of revenue from the land tan it must adJtere to the system prQi posed in the Bill. Ho could not let Wd of the taxation, which did not really represent the taxation of debts. He had, made a concession already in favor of the small men, and he was prepared to go,» little further. He could not yield anf, thing beyond his present proposal. Eb would consent to extend' the mortgara, exemption by £}. for each £2 over •£3OOO of unimproved value, the exemption to disappear at £6OOO unimproved value, instead of .-£SOOO. This amendment would mean a further concession to the small men. The max'imum exenm. tion would be £ISOO. If the proposal was extended to the large mortgages, tuen ( the Government would lose its revenue from the land tax. Other countries were finding it necessary to levy taxation in the way proposed in the Bill, in order to get their revenue from land tax. All •taxation was bound to hurt somebody. Mr. Pearce protested again that 'the tax on mortgages was unjust. He said it was no reply to say that the (Government must have • the money. The revenue could bo secured in other directions. The mortgage tax was au unfair ta*4 '.- "•