TAXING "WASTING ASSETS,

Dominion, Volume 10, Issue 3156, 7 August 1917, Page 6

TAXING "WASTING ASSETS,

PIOPOSALS 01

The new taxation proposals in the Bud. get presented to tho House of Kep«sentatives last week came'in for some attention at the monthly meeting of the council of the Wellington Chamber- of Commerce vesteTday. Ihe particular noint that interested the council was tho inadequacy of fair allowances in respect to certain classes of business, especially KU as opposed, for oxample o a financial company which had 110 sucn t.««»" 011 such pointed out that in Am-, ralh the Government authorities had | Iralia _tiie matter, and a return p r C -n5 rl,o rate of depriiation on 130 5 .1 10 ,\ P ,1 exhibited as a more •fntle bisis of taxation. Some goods, equitable basi= 01 electric lifts> etc ., were aUowed as much as 20 per cent, depreciation because of the comparative XX",' "SrfS'' »>*. "s °.» i a: was C imlicnted'that the Government would actually be taxing Hie bedrock capital 0f It a waralso'pr%Tsed n that fTthe case U tale to secure some form of relief from extra taxation for 1 industries Such companies, it was assets as they went on. Companies such as those indicated have an easily asccr tainable length of life, and on such information it could be very ensi y established what allowances might be made for a sinking fund (before the special tax V s . im ' ,ose in ordel ' VX matters : 'are to be brought under the notice of the Minister of Finance.