THE LAND AND INCOME TAX.

Temuka Leader, Issue 2214, 25 June 1891, Page 4

THE LAND AND INCOME TAX.

The New Zealand Times publishes | the following tables, which show the j operation of the tax on each of tW three classes embraced in the Financial Statement, outside of joint-stock corporations, banks, insuiahce institutions et hoe. The first table deals with the land tax, and shows in separate columns to What amount of tax 1 lands of various values will be liable. This | table assumes the total values of land, »ncluding improvements ; the probable improvements effected, and the highest figure on which allowance is made for Buch improvements, the operation of the additional exemption of £SOO up to a certain amount; aad the sum liable to taxation up to £200,000 of gross value! It also shows the amount payable according to the graduated scale as specified by the Colonial Treasurer from Id per pound of taxable raise up lsd per pound.

The second table similarly specifies the operation of the income tax on incomes derived from trade and commerce. On such incomes there is an exemption from the tax of £l6O on all incomes, and a further deduction by way of abatement of another £l5O on alrincomes not exceeding £6OO per annum.

Table three treats of incomes arising from salaries and from the exercise of the leprned and skilled professionals, legal, medical,, clerical, and others. Incomes from.these sources are exempt up to £3OO, and from incomes above that amount £3OO deduction i'b allowed. In the words of the TreaBner in illustration, "An income of £SOO will therefore pay on £2OO, and an income of £.IOOO on £7OO with a rate of 3d in the pound on the firßl £2OO orer the. exemption, and 6d in the pound over that amount. A person in possession of £SOO income will pay under this proposal £2 10s per annum ; if in possession of £6OO, he will pay £5 per annum ; of £7OO, £7 10s per annum, and so on." Qn this basis the last of the three tables has been completed as follows :

13 . 'a . M ■ . ff a S? a H S oP. gP. 03 Income. a -g S. -g S, -g &* H B-a PT3 SW pcj ' OCO o® o * 0-w s*> s [£ £ £ £ £b. d. SOOnnd under 300 Nil Nil Nit 400 300 100 Nil 1 5 0 500 300 200 Nil 210 0 600 300 200 100 5 0 0 650 300 200 160 6 5 0 700 300 200 200 710 0 800 300 200 300 10 0 0 900 300 200 400 12 10 0 1000 300 200 500 15 0 0 1500 300 200 1000'27 10 0 2000 300 200 1500 40 0 0 3000 300 200 2500 65 0 0 4000 300 200 8500 82 10 0

Land and Assumed ImproveAmount Improveraentfi ments Exempted. Exemption i. Chargeable. Tax Payable. £ £ £ £ £ t. d1,200 400 500 300 »t Id p*r £ 15 0" 1,500 500 500 500 „ „ „ 2 18 2,000 800 500 700,, „ „ 2 18 4' 3,000 1,200 500 1,300 „ „ „ 5 8 4* 4,000 l s 500 Nil 2,500,, „ „ 10 8 4 4,000 2,000 Nil 2,000,, „ „ 8 6 8, 5,000 2,500 Nil 2,500,, „ „ 10 8 4 6,000 8,000 Nil 8,000,, „ „ 12 10 0 8,000 3,000 Nil 5,000,, lid „ 23 8 9 10,000 3,000 Nil 7,000 „ „ „ 32 16 3 15,000 3,000 Nil 12,000 „ lid „ 60 0 0 20,000 3,000 Nil 17,000 „ lid „ 70.16 8 30,000 8,000 Nil 27,000 „ lid „ 154 13 9 50,000 3,000 Nil * 47 000,, ,. „ 293 15 0 100,000 8,000 Nil 97,000 „ l|d „ 656 15 6 200,000 3,000 Nil 197.C00 „ „ „ 1,292 3 4

Annual AbateAmount Amount of Income, ment. charged. tax Is per £, payable. £ , £ £ M b. d. 300 300 Nil tfil 400 . 300 100 6 0 0 500 300 200 10 0 0 600 300 300 15 0 0 650 150 500 25 0 0 700 150 650 27 10 0 800 150 650 32 10 0 1,000 150 850 42 10 0 1,600 150 1,350 67 10 0 2,000 150 1,850 92 10 0 3,000 150 2,850 142 10 0 S,000 150 4,850 242 10 0 10,000 150 9,850 492 10 0