NEW SHARE ISSUE
BROKEN HILL COMPANY REGARDED AS CAPITAL (Per Press Association.) WELLINGTON, tins day. Since the New Zealand Stock Exchange Association’s representations to (he Minister of Finance, the Hon. W. Nash, in reference to social security tax and income tax on the new issue of Broken Hill Proprietary shares, the president reports he has received a letter from Mr. Nash stating that under the particular and unusual circumstances of the issue, the Government proposes during the session to introduce any legislation necessary to ensure that shares in this particular issue will not be treated as dividends for tax purposes.
Pending the passing of such legislation. the Minister has arranged with the Commissioner of Taxes that bonus shares will be treated as a distribution of capital and. accordingly, these shares need not be shown in the tax returns of the recipient. In cases where the shares have been included in returns already made, the necessary adjustment will be made by the commissioner.
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Bibliographic details
Gisborne Herald, Volume LXVII, Issue 20261, 31 May 1940, Page 8
Word Count
162NEW SHARE ISSUE Gisborne Herald, Volume LXVII, Issue 20261, 31 May 1940, Page 8
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