THE PROPERTY ASSESSMENT BILL.

Evening Post, Volume XXX, Issue 57, 4 September 1885, Page 2

THE PROPERTY ASSESSMENT BILL.

When this Bill was first circulated we drew attention to the sweeping character of the proposed definition of taxable property, whioh was made to inolude every " interest whioh is, or may be, the Bubjeot of contraot, or is capable of being valued or estimated for any purpose whatever." This would have included the goodwill of every business, professional praotice, &c. The House last night modified this definition by substituting the words " anything whioh appears to be valued or estimated as an aaset of any company." This, we have no doubt, waa the original intention of the clause, but the words used would have gone far beyond thiß in their application. It is right enough that where a company in its balanoe-sheet puts down its goodwill as an asset it should pay Property Tax upon the amount, bnt it would be most unjnst to tax every man of business or professional man on the possible selling value of hia connection. The other amendments made in tho Bill last night were equally judicious. Tho proposal to allow further exemptions in regard to agricultural improvements, maohinery, and other things was an unwise one, and waa very properly rejected. Had it not been rendered impossible owing to the forms of the House, we believe that the majority would willingly have rednced the ordinary exemption from .£SOO to, say, .£IOO, or, indeed, have swept it away altogether. We cannot understand tho Government interposing to prevent this being' done The ohange would not hare been felt as a hardship by anyone, and the revenue would have benefited considerably. We regret that the tax on Life Insurance Companies waa not strnok out. It is utterly unjustifiable.