LAND TAX

Nelson Evening Mail, Volume LXXI, 17 November 1937, Page 6

LAND TAX

CASES OF HARDSHIP PROVISION IN FINANCE BILL lFrom Our Own Parliamentary ReporterJ WELLINGTON, This Day. As promised by the Minister of Finance tlhc Hon. W. Nash), the Finance Bill which was introduced in the House of Representatives last evening provides for the establishment of a special committee to consider claims for relief on grounds of hardship in respect of land tax levied for the two years ending 31st March, 1938. The committee is to consist of the Commissioner of Taxes, the SolicitorGeneral, and the Secretary to the Tteasury. However, in the absence of any of these members any officer of the Department controlled by the absent member may, with his authority, represent him at the meeting. The committee is to consider all claims received by the Commissioner of Taxes on or before 31st January, 1938, or within such extended time as the Minister of Finance may allow, and if it considers that the exaction of the full amount of tax would entail serious hardship to the taxpayer it may recommend to the Minister remission of the whole or part of the tax either by refund where the tax has been paid or by extension of the time allowed for the payment of the tax. The committee is to have free access to all records relating to the taxpayer. Tiie recommendations to the Minister may be made on a two to one vote. The Bill provides that in certain cases new companies carrying on business in New Zaeland and consisting substantially of the same shareholders as in the original company, which has at any time carried on business in the Dominion can be made liable for tax payable by the original company. Where the original company was liable for any land or income tax, or was liable to be assessed for any such tax, the new company shall be deemed to be the agent of the original company and shall be held liable for the payment of the tax. A sub-section makes the Martha Gold Mining Company (Waihi) Ltd., responsible for taxation on the Waihi Gold Mining Company, Ltd., and fixes the taxable income of the original company for the year ended 31st March, 1936, at £91,836 15s. |lt also declares the new company the agent of the original company ar>i allows the new company until 31st’ January, 1938, to pay.