LAND AND INCOME TAX.
NEW BILL. . RATES OF. LAND TAX LEFT OPEN. The Land and Income Assessment Amendment Bill was introduced yesterdny. Section 5 provides for tho taxation of businesses which are carried on in Now Zealand by means of agents. Tho exemption in favour of Maori land is modified so as not to apply to any .interest therein owncid by a European. Every person who has entered into an agreement for the purchase of land shall be liable to taxation thereon. . Tho sections of the principal Act (1908), which fix the rates of graduated land tax, are to be repealed, and the now Bill dees not fix other rates, but. leaves such to bo fixed by subsequent Acts. Where husband and wife have a joint income, it shall bo deemed, in estimating the exemption, tho income of tho husband aione.
Incomo tax is to be payable in respect of rents, etc., from leases of hotel premises. In assessing income lax- payable by a company or firm, the Commissioner may disregard accounts between a , taxpayer and an identical company or firm. Tho Commissioner may require returns for the year ending Maroh 31, 1911, to be in accordance with the new provisions.
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Dominion, Volume 4, Issue 1214, 24 August 1911, Page 6
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201LAND AND INCOME TAX. Dominion, Volume 4, Issue 1214, 24 August 1911, Page 6
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