Ashburton Guardian Magna est Veritas et Prævalebit. THURSDAY, JULY 24, 1924. REDUCING TAXATION.

Ashburton Guardian, Volume XLV, Issue 10168, 24 July 1924, Page 4

Ashburton Guardian Magna est Veritas et Prævalebit. THURSDAY, JULY 24, 1924. REDUCING TAXATION.

The Prime Minister found common ground with, the great majority of the people of this country when he sug’gested in his Financial Statement, presented to the House of Representatives last evening, that there was need for further reductions in taxation. Though one may sympathise with the Minister for Finance in lus difficulties, for there are those who clamour for increased expenditure on this or that and at the same time expect reductions in taxation, there is universal endorsement of the finding of the Taxation Commission that it is essentia], in the interests of the future prosperity-of the Dominion, that, the weight of taxation should he reduced as rapidly as possible. The Prime Minister anticipates asking Parliament to reduce taxation in the year 19241925 by a further £1,000,000. It may be expected that when the proposed legislation on the subject is presented to the House it will provoke the keenest debate

of tlie session. Parliament should be assisted in its . task by the report of the Taxation Commission. That Commission has made an exhaustive examination of the present taxation laws and has presented a series of findings that should be very valuable in the drafting'- of legislation. One of the most controversial aspects of the taxation system as it exists at present is that relating to company taxation. The Commission’s recommendation is that income taxation should be levied on individuals instead of on companies, and fit has expressed itself in favour of the principle of abolishing the present system of company taxation with a view to

employing the “more ideally correct system” of the taxation of individuals. llie Commission proposed, however, that further information should be collected to guide future considerations as to whether the theoretical advantages of the levy on the individual are as beneficial in practice. That the taxation of individual incomes is just and that company taxation is unjust and penal on industry and enterprise is an argument not likely to be confounded. The people of the Dominion, however, expect that Government and Parliament will j give their undivided serious attention to the Commission’s report and hear in mind the undoubted fact that taxation at

present is exceedingly heavy and should be reduced.