HIGHER TAXES
LEGISLATION BEFORE HOUSE. INCREASE IN EXCESS PROFITS IMPOST. (By Telegraph—Press Association.) WELLINGTON.. This Day. A rise from 60 per cent to 75 per cent in the excess profits tax. an increase ef Gd in the pound in national security tax, and other taxation changes announced in the Financial Statement presented last week,'are provided for in a Finance Bill introduced and read a first time in the House yesterday. A fresh provision enables th.e Commissioner of Taxes to require employers and others to deduct from their employees’ wages in instalments income tax in default. The increase in excess profits tax is effected by a short clause, amending the Excess Profits Tax Ad, 1940. Several adjustments in the basic rates of income tax are made, consequent on the increase in the supertax from 15 to 33 1-3 per cent.. The rate of tax on debentures is reduced from 8s 9d to 8s Bd. The old rate was 2s 6'd in the £l, plus one-hundredth of a penny on every £1 rise to £6600, and ’hen 1-lOOth of a penny of £7950, at which point a maximum rate of 8s Sd was reached. The one-hundredth of a penny now drops to 1-150111 of a penny at £6300. with the result that the maximum rale of £7950 is 8s Bd. An increase from 15 to 33 1-3 per cent in the income supertax is provided for in the annual Taxing Bill which was also introduced and read a first time.
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Wairarapa Times-Age, 8 May 1942, Page 2
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248HIGHER TAXES Wairarapa Times-Age, 8 May 1942, Page 2
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