Company Tax Cripples Enterprise
COMPLAINT OF COMPANY CHAIRMAN, Per Press Association, CHRISTCHURCH, Last Night. “The present rate of company tax compares with the British rate of 4s 9d and is perhaps the highest in the world. Such a heavy imposition must, in the long run, have a crippling effect on imr industrial life, for there is little inducement to risk capital in new enterprises or spend money on improvements to existing factory equipment, when nearly 40 per cent, of the earnings goes away in tax,” said Mr W. H. E. Flint (chairman of directors) in an address to the shareholders at the forty-ninth annual general meeting of the Now Zealand Refrigerating Company Ltd. Reviewing tho company a accounts, Mr Flint said the balance available for appropriation was £26,941 15s 3d less than last year. The company’s earnings were actually larger than in the previous year, but the increase in the rate of income lax for companies to 7s fid in the pound, had necessitated setting aside a much larger amount than was required in the previous yeai to meet the liability for the tax. Land tax had also absorbed an additional £lll4.
The directors recommended a payment of the same dividend as last year, which was adopted. The retiring directors, Messrs W. H. E. Flint and E. Hay, wore re-elected*
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https://paperspast.natlib.govt.nz/newspapers/MT19370218.2.63
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Manawatu Times, Volume 62, Issue 41, 18 February 1937, Page 7
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220Company Tax Cripples Enterprise Manawatu Times, Volume 62, Issue 41, 18 February 1937, Page 7
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