STANDING TIMBER.
A QUESTION Of TUUION
The Minister for FLnance' ; (tke! ; :Hon.i,..A, M. ilyers) recently from the Auckland Sawmillcrs'.':?A's.s.Pcia> tion, which made reprosentatib.ns;-m■-Re-gard to the taxation of standing stimber: The Minister promised to -dear- "Iwitlrtlte, matter after returning to Wellington,. .;.He. now states that prior to I9Dr. : .,tlie,,lajv»p.fb; vidod that standing timber.;shp'u'di,beXafv nually charged with land '.takj; whilci-..tlie profits derived from the inilliiig-:.o.»,;p.artibii' of the. same timber sliould3be.-.'.'ai'uiiial!y-subject to income tax. -.jji hoivever, owing to the Goveruinciit, the law w.a.sSaltere(l,'-.,and-the land tax was reiiioved-',{r J omr:th() ; -"jsi.iiT touched timber, which istiiot-fno'lt'Sflb/; ject to an annual charge fdr„.la'n{l ; ''.faX;'pf'' income (ax. Income tax isVnty&s&ssseil: annually in respect to li.lli.be I:J.:a.ctjia 1 ly ; milled, and in arriving at;,fhe';iass'es?abi.eincome, the estimated val.iie.'itpJth'eAffces which arc cut is not a d.ediictabley.te.'m. under the existing law. .i'Thisgiiiterpre-J (alion of the law has beoiricc'e'nt.ly : est : ab ; lislicd ,111 a case which ivas\u.'ccide(l.ibv;tlipCourt of Appeal. The lawns': accords with the English 'ip'cpiite'.'.ta'x;:law regarding the disallowance-.p.fsai-diiifini.sli;-ing estate from annual prbfits',.iaii'tl:':tlip same principle is in force iiiiregar'diteftim. assessment of coal mines, flai/j-and"■mlne'r-l' als, where a portion of Iheicapital'i'jriA vested in the mines, ete.,.:'is ; 'aniii!ally"nb> sorbed. - The question oft'distiiigiiishing,. capital sums invested in rtlipj.piirchasejofi 1 bushes froin annual rehts'jprJ'VroyaHiesr when assessing the ainnial/ ; : : iiicome ; ,:.-,fo : r, taxation is also i'eglilatedK:by:|:tlie;:;!fiSiiißlished rules regarding tlie:..^pscKine'n't--.;'oi : income both in England aiuljin .Jhis'c'ou.'ii--: try. Under ihese circiinistoncesithe'iMin'i' isier states tliat it is iibt;iiiten'de'd,Vt.b: amend the Act in the directiori-iiirgcd'b'y the deputation. ?{>»;. >-\vV-Ci.! : o
Permanent link to this item
Hononga pūmau ki tēnei tūemi
https://paperspast.natlib.govt.nz/newspapers/DOM19120618.2.8
Bibliographic details
Ngā taipitopito pukapuka
Dominion, Volume 5, Issue 1469, 18 June 1912, Page 3
Word count
Tapeke kupu
238STANDING TIMBER. Dominion, Volume 5, Issue 1469, 18 June 1912, Page 3
Using this item
Te whakamahi i tēnei tūemi
Stuff Ltd is the copyright owner for the Dominion. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in