TAXATION ON COMPANIES
Manufacturers To See Minister
(New Zealand Press Association) WELLINGTON, July 4.
An urgent appeal to the Minister of Finance (Mr Nordmeyer) to reconsider his taxation proposals affecting company profits and. dividend payment will be made by the New Zealand Manufacturers’ Federation.
The president of the federation (Mr W. Lane) said today that a deputation would shortly wait on Mr Nordmeyer to submit the “dangerous implications” of the new proposals. “This appeal will be made on behalf of all manufacturers who are seeking increased production and greater efficiency,” said Mr Lane. z “It is also being made in the interests of full employment. The far-reaching new company and dividend taxation proposals will prove extremely damaging to the whole financial structure of industry and to the national economy.
“The penal taxation on retained profits over 50, per cent will be a most serious handicap to growing industries. “It is the company and not the Government that can decide whether it should retain more than 50 per cent, of its tax-paid earnings for its future security and expansion,” said Mr Lane.
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Bibliographic details
Press, Volume XCVII, Issue 28630, 5 July 1958, Page 14
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181TAXATION ON COMPANIES Press, Volume XCVII, Issue 28630, 5 July 1958, Page 14
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