A COMPANY’S TAXATION.
AX ON BENEVOLENT FUND. IN IMPORTANT JUDGMENT. B> /elegraph —Press Association. Wellington, Last Night. Judgment was given to-day by the Court of Appeal in a case in which Wright, Stephenson and Company appealed against the assessment for the purposes of income tax of the company’s contribution to its pensions and benevolent funds. Justices Sim and Salmond found that despite the company’s good intentions it was impossible to escape the conclusion that the sum in question was part of the assessable income of the company within the meaning of section 85 of the Land and Income-tax Act, 1916. A system of profit-sharing in any manner affected the fundamental principle that the company must account for and pay tax on the whole of its profits. Mr. Justice Stringer dissented, holding that the amount paid by the company was part of its expenditure. The assessment of the Commissioner of Taxes was confirmed and the appeal
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Taranaki Daily News, 5 July 1921, Page 5
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155A COMPANY’S TAXATION. Taranaki Daily News, 5 July 1921, Page 5
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