FINANCE BILL

Hokitika Guardian, 22 October 1930, Page 3

FINANCE BILL

£9,000,000 IN LOANS

TO BE PROVIDED FOll

(By Telegraph— Press Association

WELLINGTON, October 21

The Finance Bill contains provision for giving the Government authority to raise loans aggregating £9,000,000 for public works, electric power railway and afforestation purposes, is contained in the Finance Bill. The details are; £5,000,000 to be paid into public works (fund, for construction ol railways and additions to open lines and other works, .telegraph extension construction and improvement of roads (including main highways), tracks and bridges 'for the.purpose of improving and providing means of access to lands, developing goldfields, etc., construction of irrigation works, and other public works; £2,000,000 tor electric power works; £I,OOO-000 for me purpose of Railways Improvement Authorisation Act; and. £1,000,000 for the purpose of Railways improvement Authorisation Act; and £1,003,000 for the purposes of the Forests Act 1921-22.

RACES AND UNEMPLOYMENT

The bill enables the Minister of Finance to remit taxation on race meetings during the current year 'lor the purpose of raising unemployment funds, on condition that the taxation collectable, is paid into a fund comprising the gross profits ol the meetings. That fund must be approved bv the Minister of Finance. The provision is made retrospective to June 1, 1930. The Minister by an amendment in the same Bill can specify the purpose or purposes for which the amount of totalizator duty refunded 'for improving racecourses may he applied, and a club may devote moneys to any other purpose. FILMS' TAX. The Bill contains provision for the assessment of the taxable incomes of film renters. The Commissioner of Taxes is given powers to safeguard revenue in cases where low value has been declared for customs and primage duty purposes. He is authorised to examine the books and accounts of .renters and where lie is satisfied that the value of such films exceeds the value as asssessed for the collection of primage duty, he may assess the taxable income of the rents, during the period from April 1, 1929, to June 30,

1930, as if the cost of films were the value so declared. For the purpose of primage duty in such cases, the methods of computing taxation: under the Cinematograph Films Act, 1928, will not apply; Air Hansom said it was not necessary to niake provision in the Bill >" regard to film taxation. A gazette notice would appear shortly on the subje'tct, and lie was not .vet in a position to make a statement regarding the film hire tax. He did not regard the position as so serious as it was a few weeks ago. Mr Holland said there was a strike against the legislation of the country. No foreign private profiteering concern could he allowed to dictate tri this country what its financial legislation shall he. (Hear, hear.) He hoped the Acting-Prime Minister would not weaken in the attitude taken up.