INCOME-TAX INSTALMENTS.

Taranaki Daily News, 6 December 1920, Page 5

INCOME-TAX INSTALMENTS.

VIEWS OF PRIME MINISTER. Auckland, Tjcember 3. The proposal that income-tax should be made payable by instalments is one which the Prime Minister, as Minister of Finance, is disposed to consider favorably. Mr. Massey said it was a suggestion which contained advantages for both sides. Not only would it give the taxpayer an opportunity of meeting his obligations a portion at a time, but it would help to tide the Government over those lean periods in the year when incomings were not sufficient to meet current calls, and when it was often necessary to borrow temporarily in order to tide over the time. The only disadvantage was that it would entail more bookkeeping, an increase in the staff, and a certain increase in overhead expenses. To change to the system would entail legislation, so there was no prospect of it being effected before next year. The position of the Government in regard to borrowing was satisfactory. As soon as the present £0,000,000 loan for soldier settlement was fully subscribed it would not be necessary to ask for any money for some time to come, as far as could be judged. That loan would remain open until December 16. The £2,000,000 loan for public works was virtually completed. There were some thousands short of the full total, but the deficiency was not large enough to be of any moment. Not only were these the only loans to be floated for some time, but the £0,000,000 would bo definitely the last to which the compulsory principle would be applied.