THE FINANCE BILL.

Taranaki Daily News, 12 April 1918, Page 5

THE FINANCE BILL.

SOME OF ITS PROVISIONS. COMPULSORY CONTRIBUTIONS TO WAR LOAN.

(Our Parliamentary Correspondent.) Wellington, Last Night. The Finance Bill introduced in the House to-night, and now well on its way to become statute law, contains a few provisions that were unexplained. The main purpose of the Bill was to extend the annual appropriation in order to make a postponement of the Parliamentary session possible, and the' appropriations have to be extended to December 20. As a corollary to this, unauthorised expenditure has been increased. No taxes have been increased, but, on the contrary, exemptions from the amusements tax have been made more generous. Admission tickets to A. and P. shows are now free of this tax, also tickets to entertainments promoted by societies not conducted or established for profit, provided the profits of the society are used for educational or scientific pur-! poses. I

Power is,taken to 1 borrow £20,000,000 for war purposes. The death duties stock total is increased from ,£20,000,000 to £25,000,000.

The Bill gives effect to the proposals for compelling wealthy persons to invest in the war loan as outlined by Sir Joseph Ward on Wednesday. The Commissioner of Taxes may, under this clause, take action to compel any man to subscribe according to his means, and to invest in the war loan. Stock purchased from an original investor, possibly at below par, are not to be considered subscriptions. If a man fails to comply with an order to contribute, he is to be subject to a penalty of twice the amount of his land and income tax, and he will receive only three per cent, instead of four and a half per cent, for his compulsory cdntribution. All the other compulsory provisions are repealed.

The life of Parliament is to be pro' longed for a year, unless the General Assembly is sooner dissolved.

Loans to local bodies are made subject to moratorium, and are extended accordingly at the rates at which they were originally raised:A local body, authorised by law to invest in war loans, may, with the consent of the Minister of Finance, raise the necessary funds for this investment by way of overdraft.