GRADUATED TAXATION.

Wairarapa Age, Volume XXXII, Issue 10123, 20 October 1910, Page 3

GRADUATED TAXATION.

CHANGES IN THE SCALE FOR INCOME. The Financial Statement last year announced a proposal to readjust the graduations of the income tax so as to produce an increased revenue of £BO,OOO. In an amending Income Tax Bill circulated 011 Tuesday, the new graduated arrangement appears. In varies from that outlined in the Financial Statement, where the var-) ions graduations were to apply in stages of £2OO. In the Bill, it is proposed to adopt the £2OO stage only as far as £GOO, and then to advance by £IOO stages to £2OOO. The new scale is as follows : Exemption up to £3OO Tax in £l. s. d. £3OO to £4OO 0 6 1 £4OO to £6OO 0 7 £6OO to £7OO . 0 8 £7OO to £BOO 0 9 £BOO to £9OO 0 10 £9OO to £IOOO 0 11 £IOOO to £1250 1 0 £1250 to £2OOO 1 1 Exceeding £2OOO 1 2 As a method of estimating the income of banking companies,. it is provided that the income shall be deemed to be a sum eqiial to fifteen shillings in every £IOO of the average of its total assets and liabilities for the four quarters of the year. COMPANIES' INCOME. The income tax is also to be graduated in a more extensive .fashion in regard to companies. For every £1 under £IOOO the tax was formerly sixpence, and was doubled for every £1 over the first £IOOO. The new scale will be: — Income. Tax. s. d. Not exceeding £1250 1 0 Not exceeding £2OOO 1 1 Exceeding £2OO 1 2 > The debenture income tax of a shilling There is no change in the land tax (Id in the £1) and mortgage tax (jjd in the £l.)