STAMP DUTY

Hokitika Guardian, 17 October 1928, Page 3

STAMP DUTY

REQUEST FOR REDUCTION

WELLINGTON, Oct. 15

The Associated Glmmb;ers of Commerce passed a, remit asking that legislation should be introduced to.prcvid" for the reversion to penny stamp duty on cheques and reoe'pts instead of two* 'ence as at present. The mover. Mr FT. Smith ('Wanganui), urged that the time had arrived when business should bg relieved of this, taxation, which should he more generally spread over th° community.

Mr A. E. Houston (Napier) seconded, but Mr C. P. Agar (Christchurch) remarked that if the reduction was made the money would hpve to come from somewhere, as the. financial I‘osition of the country was s.ijch that it could not do without the revenue. It was stated that the twopenny stamp duty ,on cheques produced £181.193 and the receipts approximately £120.009. The president: If it is reduced to a penny it will make a difference of about £150,000.-

Tt was pointed out that New Zealand seemed to be alone in demanding twopenny stamps on cheques and receipts. A delegate declared that it was obviously ridiculous that they should pay twopence on a 6s 8d cheque as well as on a cheque for £BO. Mr N. Francis said they were fortunate in having returned to penny .postage, while it was still Hd in England. If the Minister for Finance took off a penny he would have to look somewhere else for the money. The remit was carried on a show of hands.