TAX ANOMALY.
POSITION OF DIVIDED COMPANIES, PROPOSALS TO MEET CASES. (By Wire—Parliamentary Reporter.) Wellington, Last Night. <- Amendments to the Land and Income Ta.v Bill, introduced by the Government to-night, make it clear that the rates of." land tax specified in the Bill can W' collected only by virtue of the Annual' Taxing Bill in future years. The clause dealing with taxing of' divided companies now reads as follows: "If the Commissioner is satisfied with respect to two or more companies, con-* pistiiig substantially of the same share-. 1 , holders or under the control of the fIUM> persons, that the separate constitution:. of thoso companies is not bona fide lojr the purpose of more effectively carrying' out their objects, but is for the purpose of income tax, he should treat those companies as,if they were a single company, and in any such cas e those companies shall be jointly assessed and jointly and severally liable with such right of contribution or indemnity between themselves as is just."
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Taranaki Daily News, 13 October 1920, Page 5
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166TAX ANOMALY. Taranaki Daily News, 13 October 1920, Page 5
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