OBJECTION TO TAX
GOLD EXPORT DUTY BURDEN ON PRODUCTION (By Telegraph.—Special to Tlmea) WELLINGTON, Wednesday Strong objection to the increase in the gold export tax was expressed by Mr W. A. Bodkin (Opposition— Central Otago) during the debate on the War Expenses Bill in the House of ’ Representatives tonight. “The only commodity that is interchangeable throughout the world at present is gold,” said Mr Bodkin. “Whatever the Government can do to increase production of gold in this country it should do, and I take strong exception to the increase in the gold export tax, because it will discourage production. The tax will fall most heavily on those companies that are not able to pay their way. Gold is one of our most important commodities, but the present tax has already curtailed production. Taxation should be placed on profits.”
Otherwise, Mr Bodkin added, he had no fault to find with the taxation proposals of the Government. In-
vestors would come forward willingly with loan money, but only if they were satisfied of the stability of the country. It was therefore necessary to avoid as far as possible the use of inflationary Reserve Bank credit and to raise loans in the orthodox wav.
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Waikato Times, Volume 125, Issue 20921, 28 September 1939, Page 9
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201OBJECTION TO TAX Waikato Times, Volume 125, Issue 20921, 28 September 1939, Page 9
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