8.—6.

LAND AND INCOME TAX. The. net receipts for the past year amounted to £4,721,303 —land-tax, £1,335,251 ; income-tax, £3,386,052 —and compared with the collection for the previous year showed a decrease of £486,691. Land-tax. The land-tax receipts compared with those of 1923-24 show a decrease of £91,211. The comparison is as follows : — £ 1923-24 .. .. .. 1,426,462 1924-25 .. .. .. 1,335.251 Decrease .. .. £91,211 This decrease represents portion of the reduced revenue anticipated as a result of the reduction of 5 per cent, provided for by the Land and Income Tax (Annual) Act, 1924, and the increased mortgage exemption allowed by the Land and Income Tax Amendment Act, 1924. The balance of the remission was, however, offset by the increased value of land in districts revised under the provisions of the Valuation of Land Act and the collection of a considerable amount of arrears of tax. Income-tax. The income-tax receipts compared with those of 1923-24 show a decrease of £395,480. The comparison is as follows : — £ 1923-24 .. .. .. 3,781,532 1924-25 .. .. .. 3,386,052 Decrease .. .. £395,480 The decrease in the income-tax is due to the increase in the percentage reduction from 20 per cent, to 33| per cent, provided by the Land and Income Tax (Annual) Act, 1924, a compensating influence being an increase in the income of taxpayers generally. STAMP AND DEATH DUTIES. The net revenue collected under the Stamp Duties, Death Duties, and Amuse-ments-tax Acts was £3,240,332. The following table shows the comparison with the previous year : —

Land and income'v<

Stamp and death duties.

Comparative Statement of Revenue collected during the Years 1923-24 and 1924-25.

7

Item. 1923-24. j 1924-25. Increase. Decrease. £ £ £ £ Adhesive stamps .. .. .. .. 80,488 82,437 1,949 Duty on instruments .. .. .. 615,659 620,198 4,539 Death, estate, and succession duty .. .. 1.455,655 1,447,147 .. 8,508 Gift duty 61,660 73,602 11,942 Impressed stamps and duty on cheques .. 135,474 80,262 .. 55,212 Company licenses .. .. .. .. 58,862 63,134 4,272 Bank-note duty .. .. .. .. 197,792 197,627 .. 165 Duties payable by racing clubs .. .. 618,425 590,385 .. 28,040 Amusements-tax .. .. .. .. 115,039 78,877 .. 36,162 Rates, fines, and miscellaneous .. .. 4,727 6,663 1,936 24,638 128,087 24,638 Totals 3,343,781 3,240,332 .. 103,449 !