CHAMBER OF COMMERCE.
DISCUSSES FINANCE BILI* A special meeting of the Council ol the Xaianiaki Chamber of Commerce was held on Monday to consider certain features of the Finance JJill, when the following recommendations were adopted and sent on to the Association of Chambers of Commerce for submission to the Minister of Finance:— That a Judge of the Supreme Court or a person invested with the full powers of a Supreme Court Judge, and two assessors be empowered to hear all objections, they in turn to make recommendations to the Commissioner. That clause 10, defining standard income, be varied to the extent that C per cent, on the amount of capital employed be altered to 8 per cent, in the case of the ordinary taxpayer or trading coinany, and to 10 per cent, in the case of a company or taxpayer working a wasting asset, such as a coal mine or timber area. That the Government consider the advisability of taxing the dividends of companies whose principal business is working a wasting asset, instead of treating such companies a s ordinary trading companies. That some arrangement be made with the Home Government to prevent double taxation in the cases of British companies trading in the Dominion. That clause 20 be -deleted, on the ground that it is considered that not less than 8 to 10 per cent, will pay investors in chattels securities, second mortgages, or '-cuts of'wooden buildings. That clause 1C be amended by striking out all words after '■' amount equal to" in line 49 and substituting the words '•'the average rate of interest earned by his working capital during the three years preceding April 1, liHo. (Note: The principle advocated is that a man shall be allowed to do as well during war years as previously, only the excess being taxable a* war profits.)
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Taranaki Daily News, 12 July 1916, Page 8
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306CHAMBER OF COMMERCE. Taranaki Daily News, 12 July 1916, Page 8
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