THE CHAMBERS OF COMMERCE

Press, Volume LXIX, Issue 20998, 28 October 1933, Page 16

THE CHAMBERS OF COMMERCE

Annual Conference MANY REMITS CARRIED (iF.ESS ASSOCIATION TELEGRAM.) WANGANUI, October 27. The annual conference of the Associated Chambers of Commerce • was continued to-day. The following remits were carried: — "That allegations of uneconomic competition by the Railway Department be referred to the executive for action if necessary." "That the provisions of the Income Tax Act relating to deductions that may not be made from gross income, in calculating the assessable income, of individuals and companies engaged in trade, are embarrassing to trade and operate harshly and unjustly. The act should be revised and amended so as to permit of the deduction from gross income of all items of expenditure incurred in the earning of gross income which are properly and reasonably chargeable, in accordance with established commercial and accountancy practice, to the year's trading and profit and loss accounts. That the allowances for depreciation fixed by the commissioner should be revised by the entire abolition of the principle of basing the allowances on the diminishing values of assets, and adoption, in all cases, of the original cost as a basis of calculation. There should also be a reconsideration of the rates with a view to allowances being increased in those cases where the rate would clearly not extinguish the asset account within a period representing its life under normal conditions."