IN WAR EXPENDITURE THIS YEAR
An Estimated Outlay of £133,000,000 PRIME MINISTER PRESENTS EMERGENCY FINANCIAL STATEMENT INCREASE IN NATIONAL SECURITY AND OTHER TAXES (By Telegraph.—Press Association.) .WELLINGTON, This Day. Presenting' to Parliament last evening an emergency Financial Statement which will largely supersede the ordinary Budget, the Prime Minister (Mr Fraser) in his capacity as Acting-Minister of Finance, said the estimated war expenditur e for the current year was the enormous amount of £133,000,000— more than double what was spent last year and substantially more than the whole cost to the Dominion of the last war. Mr Fraser announced that new taxation would be imposed. The national security tax would be increased by 6d in the £ on all incomes, including company profits. Supertax is raised from 15 per cent to 33 1-3 per cent. Income tax otherwise is unaffected. New indirect taxation includes An additional 10 per cent sales tax on certain non-essential goods,. An increase of Is a gallon in beer duty, and a corresponding duty on wines and spirits. An extra 2d on a packet of ten cigarettes, together with an additional 5d an ounce on tobacco. These taxes are expected to yield an additional total' of £14,400,000.
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Wairarapa Times-Age, 1 May 1942, Page 3
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199IN WAR EXPENDITURE THIS YEAR Wairarapa Times-Age, 1 May 1942, Page 3
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