incurred by the 30th September 1951 from the Colony's surplus balances in addition to the sum of $49,887,457 charged off to expenditure as referred to above.
Earnings and Profits Tax
This tax, introduced for the first time in 1947, falls short of a full income tax. It comprises four separate taxes:
Property Tax,
Salaries & Annuities Tax,
Profits Tax,
Interest Tax.
Tax is chargeable at the full standard rate (121% in 1951) on the profits of corporations and on interest payments, but in other cases there is provision for allowances or for tax to be assessed at a proportion or a multiple of the standard rate. An individual may elect to be personally assessed on his total income, in which case he receives the advantage of personal allowances for which he might not otherwise be eligible.
The personal allowance for an individual liable to Salaries Tax, or who elects for personal assessment, is $7,000. Allowances are also made for a wife and up to nine children. Tax on salaries and on personal income is levied at rates varying from one fifth of the standard rate on the first $5,000 of chargeable income to twice the standard rate on chargeable income over $45,000.
Revenue derived from the four taxes in 1950/51 together with amalgamated tax under personal assessment was as follows:-
Property tax
Profits tax:
Corporation profits tax
Business profits tax
Salaries and annuities tax
Interest tax
Personal assessment
TOTAL
$ 8,156,590
$24,569,281
$ 6,262,804 $30,832,085
$ 7,341,048
$ 1,964,123
213,409
$48,507,255
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