INTEREST ON DEBENTURES.
EFFECT OF STAMP DUTY.
ORPHANAGE INCOME REDUCED
The incidence of the 10 per cent, stamp duty on interest from local body debentures as affecting the work of charitable institutions was strikingly shown at the annual meeting of the Papatoetoe Orphan Home on Saturday.
The annual report stated that a very unexpected and serious change in the Trust Board's reckoning of income had been caused through the imposition of the reduction of interest on these debentures. The financial statement showed that over 70 per cent, of the moneys invested by the board were in local body debentures.
The view was expressed that, since the work of the home was relieving the State of some of its responsibilities, some concession should be granted. A resolution was later adopted, on the motion of Mr. C. J. Tunks. urging the board to approach the Government requesting that orphan homes and other institutions be granted exemption from the duty on interest from local body debentures.
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Bibliographic details
New Zealand Herald, Volume LXIX, Issue 21201, 6 June 1932, Page 10
Word Count
163INTEREST ON DEBENTURES. New Zealand Herald, Volume LXIX, Issue 21201, 6 June 1932, Page 10
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