MUNICIPAL DEBENTURES.

Taranaki Daily News, 9 November 1920, Page 4

MUNICIPAL DEBENTURES.

INTERESTING STATEMENT FROM COMMISSIONER OF TAXES. If you were .to be told that you could save up to 71 per cent of your income tax i,y nivesting your Capital in New Hy mouth Borough Council short dated debentures at 5* per cent, vou would think yon were being grossly mislead. "«t it is true, as a perusal of the foli mvmg correspondence between the New ll.vmonth jjoroiißh Council and tha Comnussioner of Taxes will amply demonstrate:— '' Question (I); Does the following paragraph correctly set out the effect of the recent legislation? The next Qovorniricnt Loan is to bs issued at f>.} per cent subject to income tux. according to Mr. Massey ano* the Commissioner of Taxes at rates 'H'lKing up to 8 S yd. Municipal and other local authorities are offering loans at ;>.! p ev cent., which will be subject to taxation ranging up to a maximum of only 2s Od one'~ miSSiO " er ' S tt " SWel ' to questioo "The paragraph quoted correctly states the position." ' Question (2): I s the following statement correct? 6 . If .i mini who is ~ow in 7s 6d scale mcome tax assessment should derive i. his income from Municipal deber> hi 0s he would, under the new Act, °>>ly pay the flat rate of 2 9 6d in the ce=s tax mei »get refund «c Commissioner's answer to question Aiml-"' 1 ! il", £1 is maximum on Muniupa Debentures taxpayers whose ncme t rom all sources Chargeable ! 1 ? U> , than ] ""f-orown ene ° l "\ d , °" thftt P wtio » *< n\ed from su >], debentures. Tax< milpr* n7 i,lCOni ° fro?l ttll source « iol f l 0 P l °duction of declara;«y;ki?ectmaybeaii°^ Invest in these Debentures whilst you the ft ,n T- f Para P hlets cont * in < aim 1 ' " ,forma «on ""ly be obNe 7 T L ? nch of the B »"k of Ser nf /,' ' v fr ° m t,,e Gonml Mancsf,» •? »'\', New Pl ymo"th Borough