INCOME TAX RATES.

Auckland Star, Volume LXVIII, Issue 30, 5 February 1937, Page 9

INCOME TAX RATES.

DEPRECIATION CHARGES ?

(From Our Own Correspondent.) SUVA, January 24. The Suva Chamber of Commerce, under the presidency of Sir Maynard Hedntrom, considered a li«t of proposed depreciation rates under the Income Tax Ordinance. Too little depreciation, it was considered, was allowed and in most cases suggestions were offered to the Government. Some of the suggested rates, with the Government rate in parentheses, were:—Motor cars, 10 per cent (5 per cent); electrical machinery,

10 to 12$ (5); motor lorries, 10 (5); general machinery, 10 (7s); mining machinery, surface 5 (10), underground 20 (10); ice manufacturing machinery, 10 (7J); newspaper printing machinery, 10 (5). Rates for shipping proposed by the Government were:—Sailing vessels, 3 per cent; steamers, 4 per cent; tankers, 5 per cent. The Chamber suggested that in the case of vessels under 150 tons the rates should be:—Wooden vessels, 5 per cent; steel vessels, 4 per cent. It was agreed that Major Clive Joske. M.C., 0.8. E., should represent the chamber at the annual meeting of the London Chamber of Commerce.