LAND AND INCOME TAX

Hawke's Bay Herald-Tribune, Issue 27, 16 February 1937, Page 6

LAND AND INCOME TAX

Proposed Revision Before the Hastings Chamber LEGISLATIVE ANOMALIES The proposed revision of the land and ineome-tax legislation came before the Hastings Chamber of Commerce at. its meeting last night, when a letter was received from the Associated Chambers of Commerce asking for comment on the legislation. The letter stated: — - "It will be recalled that the 1935 annual conference of the Associated 'Chambers of 'Commerce urged a simplification of the Land and Income-Tax Act, eliminating the existing anomaliea and taxing the profits of companies in the hands of the company only if undistributed, and in the hands of the recipients in all other cases. The conference also expressed the opinion that the recommendations of the 1924 Taxation Commission, to whose enunciation of principles the conference isubscribed, warranted the careful consideration of the Government. Chambers will be aware from the public announcement just made by the Prime Minister that the Government proposes to make a complete revision of the land and income taxation legislation. The Prime Minister states that, in view of the fact that the last consolidation^ of this legislation was made in 1923, it is recognised that a complete revision is necessary, and that there are existing many anomaliea which must be removed. The Government, he says, would be glad to receive representations from interested bodies an$ individuals. It would be a help to the executive if any views chambers have as to the directions in which the existing legislation covering land and income taxation should be amended, be forwarded to head ofltce for co-ordination and representation as soon as possible. » "Chambers will appreciate the need for the commercial viewpoint to be put forward, particularly as the committee which the Government has set up to deal with the subject of revision ineorporates no representative of ,private interests, it being composed instead of representatives of Government departments. " It was decided to refer the matter to Mr A. C. A. Hyde, who will go into the matter fully and report back to the chamber. Power was also given for Mr Hyde to diseuss the subject with such other members of the chamber as he thought fit. ' &