8.—6.

X

Land-tax. The land-tax receipts compared with those of 1920-21 show a decrease of £51,163. The comparison is as follows : — £ 1920-21 .. .. .. .. 1,688,978 1921-22 .. .. .. .. 1,637,816 Decrease . . . . .. £51,162 This decrease is due principally to the enlarged exemption granted in respect of mortgaged lands, and also to the subdivision of large taxpaying properties into smaller and non-taxpaying holdings. It would have been much larger but for the increased value of land in districts revised under the provisions of the Valuation of Land Act. The number of land-tax payers who benefited by the increase in the mortgage exemption granted by the Act of last year was approximately 10,100, and the amount of tax remitted aggregated £100,000. Income-tax. The income-tax receipts compared with those of 1920-21 show a decrease of £2,245,958. The comparison is as follows : — £ 1920-21 .. .. .. .. 8,248,945 1921-22 .. .. .. .. 6,002,987 Decrease . . . . .. £2,245,958 The decrease in income-tax is due to the large shrinkage in the incomes of taxpayers generally, the full effect of which has not yet been realized, but will be shown in the income returns and assessments for the current year. In order to give some relief to taxpayers, rebates were granted of 10 per cent, of land-tax and 5 per cent, of income-tax if paid within twenty-one days of the due date ; and, while this had the effect of reducing the collection as a whole, it also had the effect of inducing taxpayers and the financial institutions to make every effort to meet the payments within the time specified, with the result that a larger amount was collected within the financial year than would otherwise have been the case. The business of the Department has increased to such an extent that it has not been found possible to effect any material reduction in expenditure. The retirement of a number of officers and the bonus reduction, however, resulted in a saving of £830 for the year. A reduction of advertising and telephone services, &c, will effect a saving of £150 for the year 1922-23. Retirements and the reduction in the cost-of-living bonus will effect a further saving of £3,700. STAMP DUTIES. The revenue for the year amounted to £3,444,504, as compared with £3,745,902 for the previous year, the decrease being due almost entirely to the reduced collections from, duty on instruments. The amended provision in the Finance Act, 1920, to increase the rates, and of the Death Duties Act, 1921, to charge interest on duty outstanding, resulted in a considerable increase in the revenue. The amusements-tax is expected to produce additional revenue amounting to £60,000.