LAND AND INCOME TAX

Hokitika Guardian, 22 September 1920, Page 1

LAND AND INCOME TAX

DISCUSSED BY CHAMBERS OF

comaierCe.

(l’or Press Association.)

WELLINGTON, Sept. 21

The Land and Income Tax Assessment Bill, now before Parliament, was considered at a conference of representatives of Chambers of Commerce throughout New Zealand to-day. Air G. Frostick (Christchurch) moved: “That the interests involved by tho Land and Income Tax Amendment Bill are so vital to the prosperity of the commercial and trading community of this Dniinion that the Government he asked to postpone consideration of this Bill in Parliament until next ssesion, and in the meantime to appoint a Royal Commission with full and unre-1 stricted powers to make inquiries.” Mr A. F. Roberts seconded the motion, which was carried. It was agreed that the various sections of the community involved should he represented, on the commission.

Tho conference decided to urge the reinstatement of clauses providing for tlie removal of business premises from the operations of the land tax and to recommend that income received from superannuation and investments he exempt with a limitation.

The conference favoured the taxation of municipal trading concerns. Dealing with taxation debentures the conference viewed! with disfavour the proposal in Section 14 whereby paragraph 4 of Section 84 of the principal Act is repealed, and decided to urge that the earned income of'any taxpayer shall not in any . year he deemed to exceed the sum of £2OOO.

REDUCTION I,N SUB-TAX SOUGHT.

WELLINGTON, Sept. '2l

The Chambers of Commerce Conference, continuing the discussion on the Land and Income Taxi Amendment Bill, decided relative to Clause 1(5 that vjbhe total amount recoverable should he limited to the amount by which the taxpayer has been benefited, by reason of an allowance of depreciation made in former years. Discussing the question of debentures and the tax, the Chairman referred: to companies that had issued debentures on a sliding scale. By attempting to reach these eases the Government was inflicting an injustice generally. The Confcrenfce decided that Section 22 was inadvisable, as it meant shutting up avenues of investment from which debenture capital had hitherto been raised. The importance of the war was attached to Clause 26, regulating assessments, it being considered that under the clause grievous mistake might be made and no redress given by the Department. The following resolution was. carried :— : “That this Conference lias no evidence before it to show what revenue is anticipated from the schedule, hul as, apparently most of the surpluses in former years were secured from this source, and the same substantial surpluses are not now required, tho Conference confidently contemplates that the Commissioner will be able to recommend reducing the surtax rate.”

The Conference will ho continued tomorrow.

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