COMPANIES ISSUES
W.Z. Press Association) WELLINGTON, Nov. 17. Public companies with at least 250 ordinary shareholders may issue convertible notes whether or not they are officially listed by the Stock Exchange, under changes to the Land and Income Tax Amendment Bill, introduced in Parliament tonight. The changes are miscellaneous and result from various representations made to the Government since the measure was originally introduced earlier this session.
Payments for “know how,” which consist wholly of reimbursement for expenses incurred by the recipient, are to be excluded from the new non-resident withholding tax of 15 per cent. Provisions allowing a spread of excess income which results from livestock sales caused by disaster or where a farmer is forced to quit his farm, and a special 30 per cent depreciation allowance for work which freezing companies have had to undertake to meet new hygiene standards, will both now apply from April 1, 1963, not April 1 this year.
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Bibliographic details
Press, Volume CIII, Issue 30602, 19 November 1964, Page 9
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156COMPANIES ISSUES Press, Volume CIII, Issue 30602, 19 November 1964, Page 9
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