FOR FARMERS

Waikato Times, Volume 127, Issue 29241, 11 October 1940, Page 10

FOR FARMERS

AMENDMENT TO BILL COMPUTING EXCESS PROFITS ALLOWANCE FOR BAD SEASONS (By Telegraph.—special to Times) WELLINGTON, Thursday An amendment to the Excess Profits Tax Bill to allow the Commissioner of Taxes to take poor seasons into account when assessing a farmer’s normal income was inserted by the Minister of Finance, the Hon. W. Nash, when the Bill was,in committee tonight. If a taxpayer’s income for any of the three stipulated income years has been substantially reduced by reason of pestilence, flood or adverse climatic conditions these factors can be taken into consideration by the commissioner, who may fix an appropriate normal income accordingly. Another amendment to the Bill allows additional assets during the income years to be taken into account. Mr Nash said the first amendment would meet cases where farmers had experienced two bad seasons, with correspondingly small profits, and a third better season with larger profits. The second amendment would give the commissioner power to take into account additional assets on farms, such as newly-born stock. The amendments were agreed to. Able Committee Sought A suggestion that the special committee to hear appeals in connection with the assessment of excess profits should consist of a business man, a farmer and a lawyer was made by the Leader of the Opposition, the Hon. A. Hamilton. Mr Nash said that thought was being given to the type of men with experience who could justly determine issue placed before them by the Commissioner of Taxes. Men of integrity and experience, who had a knowledge of the taxpayers’ difficulties, would be selected. It was impossible to name them at present because the committee would not be required for 12 months. 'Hie measure, with amendments, was put through all stages and passed. There was comparatively little debate.