TAXATION.

Taranaki Daily News, Volume LV, Issue 103, 17 September 1912, Page 5

TAXATION.

THE LAND AND INCOME TAX BILL. By Telegraph—Press Association. Wellington, Last Night. The Chamber of Commerce this evening discussed the Land and Income Tax Assessment Bill, as amended by the Public Accounts Committee.

Mr. G. C. Campbell, Cominisisoner of Taxes, was present, and explained several points. He said that the taxation of the profits of indent agents and principals was not new, but merely an amendment to close a loophole in the Act discovered two years ago.

The meeting discussed the general question, and indent agents strongly protested against the in justice of being made personally responsible for the payment of the tax by their principals. A motion condemning the tax and personal responsibility was lost. Mr. -Mabin (president) said that amendments were expected exempting shareholders in manufacturing, mercantile and loan companies from the graduated land tax. but shareholders in land speculating companies, farming companies, etc., remained liable.

Answering enquiries, Mr. Campbell said that section 57Vexempted shareholders of companies Which owned no land other than practically -busjness premises. Shareholders in other companies had the value of the company's (and proportionate to his holding in -shares added to his pri-vately-owned land" so that lie should pay on a higher basis, because of his shares. He received credit for the taxes paid by company taxation.