THE COMPANIES INCOME DUTY BILL.

New Zealand Times, Volume XXXIII, Issue 5449, 13 September 1878, Page 3

THE COMPANIES INCOME DUTY BILL.

This Bill, introduced by. the Hon. Mr. Ballaace, provides for the imposition of a duty upon the net ‘income of joint-stock and other companies, and is to come into operation on the Ist January, 1870. The Comousssiouor of Stamps is administer the Act, and. expenses incidental thereto are to be paid out of money appropriated by the General Assembly. It is provided that the Governor' in Council may from timo to time make, alter, or revoke such regulations as may be necessary for fully carrying out the objects and purposes of this . Act, and may by such regulations define the duties of the commissioner, and all'officers and persons under his direction or control, and may prescribe in what manner the same arc to bo discharged and performed ; the mode to be adopted in estimating income, and the valuation of the gains aud profits derivable by any company from the business carried on by it in New Zealand ; the mode of preparing and delivering returns and statements of income, and tho place where the same shall bo delivered, and may also prescribe the formi of all such returns and statements, aud the mode in which any company seeking exemption or relief from or abatement of duty may prefer a claim thereto, and the princples to bo followed in allowing reductions and exemptions. In and by any such regulations penalties may bo prescribed for tho breach thereof, but no penalty, shall exceed the sum of £IOO. ‘‘These regulations are

to take effect from, a stated day. From and after the Ist January, 1879, there shall be a duty upon the het income of all companies carrying on business in New Zealand within the meaning of this Act, of 3d. upon and for every pound of such income be>ond the first £IOO, aud such duty - shall be payable at half-yearly periods. Notice of the duty payable is to be given to the company, who may apply to the commissioner for a reduction ot the assessment and if dissatisfied with the commissioner’s determination may appeal to a Judge of the Supreme Court. The Judges, or any three of them, may make rules for appeals, and notice must be given by the appellant to the commissioner within twenty-one days after the service of notice of assessment. The commissioner or judge may issue summonses to directors and others to give evidence, and persons may be examined on oath or otherwise, as allowed in any Court of Law, The privileges and liabilities of witnesses are to be the same as in Court sitting at nisi prius. Persons failing to appear upon summons, without lawful excuse, or neglecting to produce books and other documents, are to be liable to a penalty not exceeding £IOO. Persons knowingly and wilfully making false statements are to be liable to punishment for perjury. Duties may be recovered at the suit of the commissioner. If for the space of two months after demand the duty payable, or any judgment obtained or execution issued in respect thereof, shall remain unsatisfied, the duty payable shall be recoverable from any person or persons who were shareholder-* or'members of the company when the -duty became payable. Foreign companies making default are disabled from carrying on business in the colony. If a company is wound up the duty is to be a first charge on the assets. Service of ’ notices at the office of a company is sufficient. The receipts of the Stamp Department are a sufficient discharge for the duty. Companies’ officers are liable to penalties in the following cases : If any chairman, director, secretary, treasurer, or other officer of a local company, or the general manager or other officer of a foreign company, shall, in respect of any company which is or ought to be charged with duty on its net income as directed by this Act or any regulations made thereunder, do any of the following things—Makes or delivers'auy false statement of income, for the purpose of evading payment of amount of duty ; produces or uses for any purpose, aud on any occasion required by this Act, any books, accounts, or instruments which have been wilfully defaced, altered, or falsified, or which are in any respect wilfully inaccurate ; by any falsehood, wilful neglect,'fraud, covert act, or contrivance whatsoever, used or practised, evades or attempts to evade the payment of any amount of duty ; makes any false or fraudulent claim to have any amount of duty reduced or remitted, whether such duty has been reduced or remitted ; neglects or refuses to comply with any directions or requirements of the commissioner in any matter, authorised by this Act, or prescribed by the regulations—every such person shall, on proof thereof, be personally liable to pay and shall pay treble the amount of duty of which payment has been sought to be evaded, and, in addition, shall upon conviction be liable to forfeit aud pay a penalty of not less than £2O nor more than £2OO. Any person aiding and assisting in any manner whatsoever to commit any act contrary to the provision of the last preceding section shall upon conviction be liable to forfeit and pay a penalty of not less than £5 nor more than £SO. Ail penalties imposed by this Act or any regulations shall, when no other mode of proceeding is provided, be heard, determined, and recovered in a summary way, as provided by the Justices of the Peace Act, 1866. Nothing in this Act is to interfere wjth or affect any stamp or other duty now or that may hereafter be payable by any company.