TAXATION QUESTIONS

Wairarapa Times-Age, 9 November 1943, Page 4

TAXATION QUESTIONS

CHAMBERS OF COMMERCE DISCUSSION. COMMISSION OF ENQUIRY ASKED FOR. (By Telegraph—Press Association.) DUNEDIN, November 6. Emphasis in discussions at this morning’s session of the conference of the Associated Chambers of Commerce was heavily on taxation questions. Speakers differed on the point whether the limit of taxation had almost been reached or had already been reached, and the conference decided to ask for a Royal Commission to inquire into the incidence of taxation and the pay-as-you-go system of taxation. Conference also carried the following three remits:— “That this conference draws attention to the unfairness of the present method of levying income taxation on persons with earned, unearned, and/or non-assessable incomes, and urges immediate rectification of anomalies by revision of methods of assessment.” “Recognising that substantial loss will have to be faced on stocks held and in transit at termination of hostilities, tins conference urges the Government to amend the income-tax to permit non-taxable reserves to be created.” “That this conference recommends that, where income is artificially increased by reason of inability to provide proper maintenance, whether in farm, or factory or other industry, the taxpayer should be allowed to create a non-taxable reserve, so that he will not.be taxed on depreciation of his assets.”