Financial Resolutions. - 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, 1961, at the rate of six shillings and fourpence in the pound, but the amounts of tax deductible or repayable under section 5 of the Finance (No. 2) Act, 1959 (No. 42 of 1959), shall, until the 15th day of May, 1961, be the same as if the rate were seven shillings in the pound, any necessary correction being made on or after that day by adjusting subsequent deductions or repayments under that section.

(2) That sur-tax for the year beginning on the 6th day of April, 1961, shall be charged in respect of the income of any individual the total of which from all sources exceeds two thousand five hundred pounds and shall be so charged at the following rates, that is to say:

In respect of the first two thousand five hundred pounds of the income

Nil.

In respect of the excess over two thousand five hundred pounds,

for every pound of the first two thousand pounds of the excess

Two shillings and sixpence.

for every pound of the next three thousand pounds of the excess

Five shillings.

for every pound of the remainder of the excess

Seven shillings and sixpence.

(3) That the several statutory and other provisions which were in force on the 5th day of April, 1961, in relation to income tax and sur-tax shall have effect in relation to the income tax and sur-tax to be charged as aforesaid for the year beginning on the 6th day of April, 1961, subject to the proviso that section 3 of the Finance Act, 1928 (No. 11 of 1928), shall have effect in relation to that sur-tax subject to the provisions contained in the foregoing paragraph.

(4) 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).

Would the Minister be good enough to explain what is the difference between Resolution No. 1 and Resolution No. 2? I have only had a brief glance at them.

Resolution No. 1 refers to next year's payment, that is earned this year. Resolution No. 2 deals with sur-tax paid this year.

Resolution put and agreed to.