FINANCE BILL

Evening Post, Volume XCII, Issue 8, 10 July 1916, Page 2

FINANCE BILL

CENTRAL CHAMBER OF COM* MERCB,;

The following resolutions-regarding the Finance Bill have been forwarded by the Central Chamber of Commerce • for consideration by the Association of the New Zealand Chambers of Commerce with a view to representations being made to the Government: —

(1) Re Appeal Board. That an appeal Board consisting of (a) the Commissioner of Taxes, (b) an experienced business man, (c) a qualified public, accountant, be set up for the purpose of hearing and settling any appeal from the decision of the Commissioner on- any question . arising? out of" the assessment of excess profits duty. Note.—The Imperial Act provides for a Board of Referees. Questions will arise where individual taxpayers should have the right to submit a case to a board so constituted.

(2) Re Section 10 (d)'. That in place of 6 per cent, of the amount of capital, the rates-be (a) 6 per cent, for first mortgage securities; (b) 8 per cent, for varied securities and -trading businesses other than—(c) businesses working a "wasting asset," such as gold, coal, antimony, oxide of iron,'timber, etc. ; such : businesses should be allpwed 10 per cent. (3) Re Assessment of Capital as at Ist April, 1915. The Council, suggests that t^ie amount on which the • percentage is calculated shall be the mean between the capital as at Ist April, 1915, ■ and the capital as at 31st March, 1916. (4) Section 20 should be deleted. Resolution 2 makes provision for first mortgage securities. All other. income if taxed under this section (20) as .proposed, would have ; the effect of increasing rates of interest or refusal by lenders to advance sums on second mortgage or by way of chattel security (5) Section 25 , The Council suggests where an employee is in receipt of a salary and commission in lien of salary he should be treated in exactly the same manner as the man receiving a salary and bonus.