FINANCE BILL

Dominion, Volume 9, Issue 2820, 11 July 1916, Page 6

FINANCE BILL

VIEWS 01? CENTRAL CHAMBER OF COMMERCE. The following resolutions regarding the Finance Bill have been forwarded by the Central Chamber of Commerce for consideration by-the Association of the New Zealand Chambers of Commerce, with « view to representations Being made to the Government:— (1) Re Appeal Board. That an appeal Board, consisting of (a) the Commissioner of Taxes, (b) an experienced business man, (c) a qualified public accountant, be set lip for the purpose of hearing and settling any appeal from the decision of the Commissioner on any question arising out of the assessment of excess profits duty. Note.—The Imperial Act provides for a Board of Referees. .Questions will arise wliero individual taxpayers shonld have the right to submit a case to' a board so constituted.

(2) Ro Section 10 (d). That in place of 6 per cent, of the amount of capital, the rates be (a) 6 per "cent, for first mortgage securities; (b) 8 .per cent, for varied securities and trading businesses other than—(c) businesses working a "wasting asset," such as gold, coaL_ antimony, oxide or iron, timber, etc.T such businesses should bo allowed 10 per cent. (jt) Re Assessment of Capital as at April 1, 1915. The council suggests that the amount on which the percentage ia calculated shall be the mean between the capital as at April 1, -1015, and the capital as at March 31, 1310.

(i) Section 20 should bo deleted. Resolution 2 makes provision for first mortgage securities. All other income if taxed tuider this section (20) as proposed, would have \tlio effect of increasing rates of interest or refusal by lenders to advance minis on second mortgage or by way of chattel security.

(5) Section 25. The council, suggests where an employee is in receint of a salary and in lieu of salary, he should be treated in exactly the same manner as the man receiving a salary and bonus. .