THE FINANCE BILL.

Taranaki Daily News, 6 July 1916, Page 7

THE FINANCE BILL.

CHAMBER OF COMMERCE VIEWS. By Telegraph.—Press Association. Wellington, July 5. The Council ot the Wellington Chamher of Commerce considered the Finance Bill ami decided to recommend:— 1 Tliat an appeal Board, consisting of a Supreme Court judge and two business men he set up to deal with appeals from the decision of the Commissioner regarding the assessment of excess profits, the board to have discretionary power to vary the assessment of excess profits. 2 Tliat clause 10. defininp; standard income, he varied to the extent that fl per cent, on the amount of capital cm-pl-jved he altered to 8 per cent, in the case of the ordinary taxpayer or trading company, and to 10 per cent, in the case oE a company or taxpayer workins a .vasting asset, such as a coal mine or timber area. :', That the Government -onsider the advisability of taxing the dividends of companies' whose principal business is working a wasting asset, instead o! treating such companies as ordinary trading companies. The. Council also decided to recommend to the executive of the Associated Chambers that in case-, of second mortgages on land and mortgages on chattels the interest allowable before excess profits are charged, be 8 pel cent., and that in clause 20 the return of II per cent, on the capital value of land or buildings be the net return. It further recommended that some arrangement be made with the Home (iovernment to prevent double taxation in the cases of British companies trading in the Dominion.