WAR LOAN COMPULSION.

Taranaki Daily News, 24 April 1918, Page 5

WAR LOAN COMPULSION.

SEVERAL POINTS CTPr;4TKna^ . ' *s' 1 BY; MINISTJEK FOR WKAECK. : . I ' 'I By Telegraph.—Press Associativa Wellington, last Njghfc vi In an interview with the press to-jjef on points raised regarding the eomjmkif sory conditions of the Wax Loan, ggf Joseph Ward said the compulsory visions of the Finance Act, I*9lß, pmrjfyj that the amount which any person ttojjw lie required to contribute shall six times the yearly average of lffitw Rnd income tax (exclusive of excess ml 9 fits duty) paid or payable by >ith» fgft the three years ended 31st March, lfljß, f S The term "income tax" includes specfoj; war tax, as special war tar is refenW?' to in the Act of 1917 as the tax . by way of income tax, and therafcgiff. forms a portion of the income a'ble by the taxpayer. The extent to which made to previous loans will be to consideration iby the Taxes is a matter wlrich is goamwaA fcr'i the discretionary powers given to Appeal Board. The object of the oufet pulsory clauses is to compel the shirker to contribute Ms fair sbaaoe the burdens upon the but not to penalise a contributor w&«5 may have subscribed to tfie fullest ifck tent of his ability to a previous V&bpiJ Loan. Tho public, therefore, may nttv* assured that those who have lapra&P,:! subscribed to the 1917 loan, will rteefeipi; full consideration of any tions which they may find it to mafeo to the Commissioner of or the Appeal Board, and that n» ja-" justice will be done. The provision contained in last yeaifel section 40, excluding excess profits tee from the basis on which the levy be made, is now repealed, but thß vision regarding exemption from ths£ basis of levy of the excea pofife tafcfl has been redacted in this yearfe sure. Consequently the b»ds is jily the average annual land and insgqvfci tax (excluding excess profits t#*} daring the .past three years. ' %% I may further state it will be MjM weeks before tfhe machinery fpr the compulsory clauses into opem&igvj will be ready, and consequently gaffidtatifi time will be allowed for any who may be in doubt regaining thsiM obligations to communicate with Treasury or with the Commiasioaer l oSri Taxes with a view to aatxrtitßrißgflMrci liatffity. -