INCOME TAX

Wairarapa Times-Age, 5 June 1941, Page 6

INCOME TAX

SALE OF CERTIFICATES. AS MEANS OF SPREADING PAYMENT. (By Telegraph—Press Association.) WELLINGTON. This Day. The Minister for Finance, Mr Nash, today announced that arrangements have now been completed, under the provisions of the Finance Act. 1934 (No. 3) for a continuation of the sale of income tax certificates at postal money order offices throughout New Zealand. By buying these certificates month by month throughout the year, taxpayers can provide in advance for payments ot income tax to be met in February, 1942, and in the meantime will receive approximately 7 2 per cent interest on the amounts temporarily invested in the certificates. Provision for the sale ol these certificates was made to meet the public demand for the-spreading of income tax payments. Many people found it financially embarrassing to pay their tax in a lump sum on the due date. In addition to the spreading of income tax payments over the- year, the plan assists the finances of the State, as it obviates so much borrowing in anticipation of revenue. The certificates may be purchased for any amount being a pound or multiple of a pound. The full value of any certificate or part of a certificate iii excess of the amount oD income lax subsequently assessed will be refunded by the Post Office when the certificates are surrendered in payment of income tax. Accordingly, there is no need to wait until an income tax assessment is received before buying certificates. The Minister also stated'that the system of income tax certificates is an alternative to the payment of income tax in advance to the Commissioner of Taxes. The latter' method was still in existence, and in-1 lercsi at 2 per cent per annum would' be allowed on payments in advance, if made prior to January 1. 1942.