INCOME TAX
DEMANDS ON FRIENDLY SOCIETIES AND TRADES UNIONS ONLY SHALL PORTION ASSESSABLE [Special to the 1 Star.’] WELLINGTON.-December 21. As a result of the assessment of a leading trade union for income tax in respect of a proportion of its income derived from other than the direct contributions of its members there was groat perturbation in trade union and friendly society circles, which feared that all investment income was to be hold liable to taxation. Representations have led to a closer investigation into the position, and with a fuller knowledge of the legal status of the particular organisation concerned it appears doubtful if the Taxing Department will be in a position to maintain its assessment now that it is in possession of the full facts. The publicity given to the matter has resulted in clearing up the position regarding friendly societies, who, it is stated, are not liable for taxation on any part of their income excepting that small portion Which may be derived from trading purposes where they jointly conduct a chemist’s business, in which case only that proportion of income derived from sales to persons outside their membership is tax-, able.
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Bibliographic details
Evening Star, Issue 21292, 22 December 1932, Page 2
Word Count
194INCOME TAX Evening Star, Issue 21292, 22 December 1932, Page 2
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