Financial Resolutions. - Financial Resolution No. 1: Income Tax and Sur-tax.

I move:

(1) That income tax shall be charged for the year beginning on the 6th day of April, 1971, at the rate of 35 per cent.

(2) That sur-tax for the year beginning on the 6th day of April, 1971, shall be charged in respect of the income of any individual the total of which from all sources exceeds the aggregate of—

(a) £2,500, and

(b) the amount of any deductions to which the individual is entitled for that year under section 523 of the Income Tax Act, 1967 (No. 6 of 1967),

and shall be so charged in respect of the excess at the following rates, that is to say:

for every pound of the first £2,000 of the excess

15 per cent.

for every pound of the next £2,000 of the excess

30 per cent.

for every pound of the remainder of the excess

45 per cent.

(3) It is hereby declared that it is expedient in the public interest that this Resolution shall have statutory effect under the provisions of the Provisional Collection of Taxes Act, 1927 (No. 7 of 1927).

Question put and agreed to.