TAXATION OF BANKS

Wairarapa Times-Age, 3 October 1941, Page 6

TAXATION OF BANKS

ESTABLISHMENT OF NEW METHOD. LEGISLATION BEFORE HOUSE. (By Telt-graph—Press Association.) WELLINGTON, This Day. “This Bill makes provision, in accordance with what was said in the Budget, to bring trading banks under the. company system of taxation instead of the arbitrary system, of assets and liabilities to determine the profits and subsequently to determine the tax,” said the Minister of Finance, Mr Nash, when the Land and Income-tax (Amendment). Bill was introduced late last night by Governor-General’s message. The Bill was read a first time. Mr Nash said that the measure also made provision to remove some of the anomalies with regard to proprietary companies. A number of companies and individuals had approached the Government with regard to proprietary income taxation and a promise was made to try to jemove an apparent injustice in some cases. A particularly long clause, extending over nearly four pages of the Bill, relates to the assessment of banking companies for income tax, excess profits tax, social security charge, and national security tax. The clause is of a highly technical nature, effecting the purpose outlined by Mr Nash both last night, and in the Budget.