LAND AND INCOME TAXES.

Temuka Leader, Issue 2381, 12 July 1892, Page 2

LAND AND INCOME TAXES.

The following report by *he Commissioner; of Taxes (Mr Crombie) .was laid on the of the House on Friday and ordered to be printed : I have the honour to submit results as far as ascertained of the assessment of land and ineaino. It will bo understood that the exact figures cannot yet be arrived at, but those I state may be relied on as accurate. I make sufficient allowance for alterations that may have to be given effect to in respect of assessments for land tax and graduated tax, including reductions made by boardß of review, The ordinary land tax is taken at Id in the pound on land and mortgages, less the amouuts owing on mortgage, and less the value of improvements up to £3OOO for each owner and the exemption, that is to say, the scheme laid down in the Land and Income Assessment Act. It must bo remembered that assessments have in all cases to be again oheokod before the domands for the tax are sent out, and sending out demands always leads to claims for reduction in assessments. The total taxable value for land tax is £55,105,920, which at Id in the pound gives £229,608. In levying the tax it would be prudent not to estimate the yield at more than £219,608, a doduuticui of £IO,OOO, which will bg sufficient to cover all reductions that pan, be necessary. The graduated tax is| pn. the unimproved value, no deductions, being conceded for mortgages and no, exemption being granted. I have not had the additional absentees' graduatgd.

tax yet calculated, but the amount will not be important as regards the revenue. I anticipate that many alterations may have to be made in finally adjusting the assessments for graduated tax, and although it now comes out at £72,307, it would be prudent in levying the tax to allow for a possible reduction of £SOOO. A table, giving values and tax in the various grades, is attached. The yield of income tax from companies, including the tax on debentures, is still to a great extent, an estimate, but it may be set down, at Is in the pound, as £47,000. 1 hope shortly to have more exact information under this head. The total debenture debt of companies is about £10,000,000. The returns of income from firms and persons give these totals, an exemption of 300 being deducted : Business up to £IOOO —£470,437 at 6d, £11,761; over £1000—£298,893 at Is, £14,944 :—total, £26,705. Employment and emolument under £1000—£434,011 at 6d, £10,850; over £1000—£63,766 at Is, £3IBB ; total, £14,050. Summary of Income Tax. Companies ;. £47,000 Business 26,705 Employment and emolument 14,038 Grand total ... ... £87,743 Time has not permitted any scrutiny of the returns of income. lam certain that many returns will be materially increased upon investigation, and that the number received will be largely added to as soon as demands are sent out to those persons who have neglected to forward returns. I estimate that the present result—£4o,743—will be increased to £45,000. To summarise the foregoing, I may state that the following may be accepted as the results that will be reached : Landtax ... £219,608 Graduated land tax 67,307 Income tax — Companies 47,000 Business, employment, and emolument ... ... ..• 45,000 £378,915 —I have, &c, C. M. Crombie, Commissioner of Taxes. To the Hon. the Colonial Treasurer. Graduated Tax. Total Rate Value of owners' lands, value of less all improvements, in class Tax. Tax. £ £ £ £

5,000 to 10,000 4,906,830 |d 2,555 10,000 „ 20,000 4,955,331 Jd 5,162 20,000 „ 30,000 2,726,228 fd 4,259 30,000 „ 40,000 2,008,197 id 4,184 40,000 „ 50,000 1,338,394 fd 3,484 50,000 „ 70,000 3,095,334 £d 9,672 70,000 „ 90,000 1,612,060 fd 5,877 90,000 „ 110,000 769,462 1 d 3,206 110,000 „ 130,000 932,138 ljd 4,369 130,000 „ 150,000 133,259 l^d 694 150,000 ,. 170,000 1,140,777 l|d 6,534 170,000 „ 190,000 357,309 l^d 2,233 15)0,000 „ 210,000 202,373 1-Jd 1,370 210,000 and over 2,565,678 1-fd 18,708 Totals £26,743,370 £72,307