No Debenture-tax
A NUMBER of investors have been informed, by ignorant or misguided persons, that the interest on the 6% per cent, first mortgage debentures, noWj being offered by John Fuller and Sons, Utd., is subject to a debenture tax of 4s. 6d. m the £1. That is directly contrary to fact. There is no such thing as a; debenture ta.x on issues now being made. The position is correctly stated m the prospectus — "Under existing legislation the interest is payable without any deductions, and is taxable at the ra.te at which the income» of each respective holder of the stock is taxed (if at all)." • That is to say, each investor adds his debenture interest to his incometax return, as he would" the interest on an ordinary mortgage, and it forma part of his income, taxable at whatever rate he pays.
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https://paperspast.natlib.govt.nz/newspapers/NZTR19290228.2.57
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NZ Truth, Issue 1213, 28 February 1929, Page 9
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142No Debenture-tax NZ Truth, Issue 1213, 28 February 1929, Page 9
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