TAXES ON TAXES.

Taranaki Daily News, 2 September 1921, Page 6

TAXES ON TAXES.

A GRAVE INJUSTICE

The. following resolution was carried unanimously at the annual meeting of the New Zealand Accountants’ Society on the motion of Mr. C. D. Morpeth:— “That, in the opinion of this meeting of the members of the Society of Accountants, a commission of representative members of the business community and of leading Government officers should be set up to endeavor to arrive at a more equitable distribution of the load of taxation, with particular reference, to the oneroiw 1 taxation on the income of private companies.” Reference was made by Mr. : W. T. Ridd to the injustice of taxpay- ■ ers not being permitted to deduct income tax paid to the department from assessable income. The department, 1 he pointed out, allowed rates and annual licensee to be deducted, so why not income tax as well. Now that income tax was on such a high scale, the relief that would be obtained would be highly appreciable by traders and others, who even then would be doing their full share in providing urgenrly required revenue. He pointed out that a company which made a profit in 1920 of £30,000 would have to pay in income tax on the present rate £13,125 This would have to be charged against the company’s profits for 1921, and. assuming a net loss of £3125 was shown for the year, income tax would still have to be paid on £lOOO. The result would be that nothing would be left for distribution among shareholders. The proof of the reliability of Sharland’s Moa Brand Egg Preservative lies in the fact that it has been on the market for over 20 years. It keeps eggs fresh and sweet —without the slightest smell nr disagreeable taste. Eggs have been kept for over 2 years —and were quite sweet and without taint. It costs 3/8 to Id per dozen eggs, according to size of package bought.

“Wheels of Industry” run in better unison and increase output when connected with “GANDY’S BALATA BELTiING.” Don’t tolerate breakages and wasteful friction. Use Gandy’s. Write I Manning Co., 5 Bedford Row, ChristIfhUMh.- ‘ ‘ • £