TAXATION PENALTY.
BUTTER FACTORIES AFFECTED, (From Our Own (^omapondent.) Wellington, Oct. 13. While the Land and Income Tax Amendment Bill was under comidemtion in committee last night, Mr. Young (Walkato) questioned the jtutioe of clause 24, which provides that the income of butter and cheese factories, in excess of payments made for milk, rtiall be liable for income .tax. He said that the co-operative dairy companies wete conducted for service and not for profit, find it would be a very unfair thiag to tax them on moneys that were held back from the suppliers for use in replacing machinery or otherwise developing the industry. Mr. Hockley (Rotorua) supported this protest. The Prime Minister, in Teply, gave an assurance that it was not intended to tax dairy companies in the way suggested. Ho promised, after further representations from the member!, tbat before the Bill went to the Legislative Council he would have the point looked into by the law officers. He woul4 introduce an amendment, if : to make the position dear.
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Taranaki Daily News, 14 October 1920, Page 4
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170TAXATION PENALTY. Taranaki Daily News, 14 October 1920, Page 4
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