PREFERENCE SHARES
REDUCTION OF DIVIDEND SOCIAL SECURITY TAX Provision is included in the Social Security Amendment Act, which was passed yesterday, for the adjustment of dividends payable to preference shareholders to the extent the company is liable for social security tax. Section 21 of the Amendment Act states that any company that has paid, or is liable to pay, a charge on its income in accordance with the principal Act, may reduce the dividends payable to any shareholder by an amount not exceeding one penny for every sum of Is 8d or part thereof included in his dividends. This provision is deemed to have come into force on April 1, 1939. A further provision repeals subsection five of section 127 of the Social Security Act, 1938, which permitted certain exemptions from the security charge of income derived from, some other country within the British Dominions and already chargeable in the country of origin with a special tax levied in respect of unemployment or social services.
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https://paperspast.natlib.govt.nz/newspapers/WT19390930.2.12
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Waikato Times, Volume 125, Issue 20923, 30 September 1939, Page 4
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165PREFERENCE SHARES Waikato Times, Volume 125, Issue 20923, 30 September 1939, Page 4
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