NEW TAX BILE.

Taranaki Daily News, 14 September 1920, Page 5

NEW TAX BILE.

CLEARING SOME POINTS. QUESTIONS IN THE HOUSE. (By Wire.—Parliamentary Reporter,) ' Wellington, Last Night. Two questions regarding the Land and Income Tax Amendment Bill were put to the Prime Minister in the House this evening. Mr. Massey repeated his assurance that the clauses of the Bill were not intended to interfere with free of income tax war loan debentures. Mr. A. S. Malcolm (Clutha) said that as Harbor Boards could not be regarded as trading concerns, and as the Government saved annually a large Bum through the exemption of Government steamers from .harbor dues, he hoped that the Bill was not intended to withdraw the exemption from income tajx at present enjoyed by Harbor Boards.j ' Mr. Massey replied that it was;; not Intended to tax Harbor Boards, -j li there was any doubt upon the jjoint under the clauses of the new Land.and Income Tax Bill he would be glad to make the intentions of the Government perfectly clear when the Bill reached the committee stage! Mr. E. Newman (M.anawatu) asked If! the income tax officers* in computing the, tax payable by a taxpayer who held war bonds issued free of income tax, would consider the income from these War bonds in the assessment of graduated tax. He believed that an effort was being made to depress the market for, these stocks, and it was very important that the country should realise that the holders of war bonds would not suffer in any way under the new taxation. The Prime Minister replied that he' had not heard of any depression of the stocks. He had made it perfectly clear to the Land and Income Tax Department, to the Parliamentary Finance Committee, and the law draughtsman, thai; complete good faith was to be kept by the Government as far as the holders of free of income tax bonds were concerned. If anything more was necessary in order to make this clear, he would be glad to do it at a later stage of the Bill. Mr. Newman: "The question refers particularly to the graduations of the income tax." Mr. Massey: "I am speaking of tho graduations, I know perfectly well to what the hon. gentleman refers."