TOTALISATOR TAX

Hawke's Bay Tribune, Volume XXI, Issue 279, 9 November 1931, Page 6

TOTALISATOR TAX

REFUNDS TO RACING CLUBS. FINANCE BILL PROVISIONS. Arising out of the financial difficulties being experienced by racing clubs throughout the country, a clause has been i serted in the Finance Bill (No. 4), which was introduced in the House on Saturday, enabling the Minister of Finance to refund to clubs a portion of the amount paid by them in totalisator duty. The Minister may pay to a racing club by way of refund in respect of the totalisator duty received by the Government for the year commencing August 1, 1931. and for each following year, an amount equal to 1} per cent, of the gross takings of the totalisator at race meetings conducted by the club during the year. The amount of the refund shall not exceed £250 to any club in any one year. However, the Minister may make a refund of an amount equal to 2J per cent, of the gross takings of the totalisator, if, in his opinion, the financial position of a club makes this course expedient. If this is done the amount of the refund shall not exceed £5OO to an; one club during any one year. In making the refund the Minister may specify the purpose to which the amount shall be applied, and when this purpose is specified it shall be unlawful for the club to use the money in any other way. MINING COMPANIES’ INCOME TAX. No change has been made in the provisions as to the assessment of goldmining and scheelite-mining companies for income tax purposes, the clause in the Land and Income Tax Amendment Bill relating to this question, which was held over, appearing unaltered in the present Bill. The Bill exempts sound picture films made in New Zealand from the payment of film-hire tax. Authority is given the PostmasterGeneral to issu e charity stamps of any denomination and value. Previously the Minister had power to. issue twopenny stamps only, these having a postage value of one penny. The present year’s grant to Massey Agricultural College has been reduced from £15,000 to £12,625, and provision is made for the grant to be reduced to £lO,OOO for each succeeding year. Provision is made for increasing the amount paid by way of maintenance charges by inmates of mental hospitals so that payment shall be made according to the means of inmates. It is estimated that the additional revenue that the Government will receive will be between £BOOO and £lO,OOO a year. HOSPITAL BOARDS’ INTEREST. Reliex is given to hospital boards in regard to interest payments under a section which sets out that any amount paid to a board by the Minister of Finance during the current financial year by way of subsidy under the Hospitals and Charitable Institutions Act, 1926. need not be charged with interest if the Minister so directs. The definition of a sharebroker under the Sharebrokers’ Act, 1908, is extended to mean a firm or company, other than a bank, selling or buying shares for its customers in the ordinary course of business. Every partner in a firm and every member on behalf of the company must have a sharebroker’s license. The Stock Exchange registration fee is increased from £1 to £lO. The defl nition of shares is extended to include Government securities, State Advances securities, Rural Intermediate Credit debentures and local bodv securities.