GOLD EXPORTS

Evening Post, Volume CXV, Issue 47, 25 February 1933, Page 12

GOLD EXPORTS

IMPOSITION OF TAX

REASONS EXPLAINED

The reason for the imposition of the ixport tax of 12s 6d an oz on gold was jxplained by the Minister of Finance md Customs '(the Rt. Hon. J. G. 3oates) when dealing with this section >£ the Customs Amendment Bill in. the a° ml o£ last niiht. When this commodity is worth nore than many other of our export iommodities," said the Minister, "we relieve that in the circumstances we ian legitimately expect it to contri3ute a greater amount to the revenues )f the country that it has in the past. a it were not a case of emergency, we irould not on any account suggest this is a normal tax." Mr. A. M. Samuel (Government, rhames): Supposing the price of gold ialls. "We are making provision accordngly," replied Mr. Coates. ''Gold nay fall in. value in the future." Explaining the reason for the esnnption of heirlooms and family plate, ;he Minister said it would be wrong ;o destroy the sentiments attached to jifts of that description. The relevant section in the Bill imJoses the.duty on all gold whether proluced in New Zealand or not, and it insures that old gold, jewellery, and ilate made outside the Dominion, whe;her in that form or melted down, shall >ay the full export duty \ whether exported from the North Island or the South Island. The existing gold duties sill continue for the purposes for which they were imposed. (< The tax loes not apply to jewellers' sweepings :pr which a special exemption provision is contained •in the 1912 legisla;ion. Power is given the Government :o reduce the amount of. the export luty by Order in Council in the event )£ a fall in tho value of gold in New Sealand. The altered definition of gold renlers heirlooms and other articles' «x----lorted for purposes other than trade iable to export duty, and to overcome ;his situation power is given for the ssue of Orders in Council exempting :rom the duty these articles if they ivould be exempt from Customs duty >n their importation in like circumstances into the Dominion.