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Thursday, 25 October 1956

Sir ARTHUR FADDEN (McPhersonTreasurer) . - I move -

That the bill be now read a second time.

By. this bill, it is proposed to declare the rates at which income tax and social services contribution shall be payable by individual taxpayers for the current financial year 1956-57. Under our system of payasyouearn taxation, these rates will be applicable to the taxable incomes that will be derived by individuals during the current income year 1956-.57.

As indicated by me in the course of the budget speech which I delivered on 30th August last, the Government, after reviewing the economic situation, did not think the time opportune to make tax reductions which would have the effect of adding to demand. From a financial stand-point also, and having regard particularly to our potentially large commitments, the position does not warrant any major reduction in our available sources of finance.

Accordingly, the rates proposed by the bill are the same as those declared last year for application to the taxable incomes of individuals for the financial year 1955-56. I may emphasize that this bill applies to individual taxpayers only, and has no application to companies, as the rates of tax and contribution payable by companies for the financial year 1956-57 were declared in May last.

There is no occasion for me to undertake the task of explaining the paragraphs of the resolution as, so far as individual taxpayers are concerned, these paragraphs follow the pattern of the resolutions annually introduced. I submit the bill for the consideration of the committee.

Question so resolved in the affirmative.

Bill read a second time and passed through its remaining stages without amendment or debate.

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