COMPANY TAXATION

New Zealand Times, Volume XLVIII, Issue 11045, 31 October 1921, Page 5

COMPANY TAXATION

COMMISSION SUGGESTED CHAMBERS OF COMMERCE URGE AMENDMENT. BANKING, FACILITIES. Some important remits will be brought forward for consideration at the annual conference of chambers of commerce, to be held at Christchurch this month. 'The question of taxation will, it is said, cause a lengthy debate, and several remits on the subject are listed for consideration. COMMISSION ADVOCATED. One of the most important remits to be presented is to the effect that the Government be urged tb appoint a commission composed, of the most experienced men available, to examine and report upon the incidence of tho land and income tax, and that in the meantime the Government amend existing legislation to ensure (a) that shareholders in public companies shall be taxed on dividends; (b) that that portion of a company’s or firm’s profits set apart for distribution under n bona-fide profit-sharing scheme shall be deductible from the company’s or firm’s income tax; and that the tax be collectible from the participants in the same manner as in the case of salaries; (c), that municipal and Stato undertakings in competition with private enterprise be taxed. BANKING. The matter of banking facilities will also be the subject of a. remit, urging that, as a matter of equity, and with the object of attracting a larger amount of liquid money for tho financing of commercial enterprise, the banks be asked to pay interest on credit balances of current accounts of £IOO and over; (b) that the half-yearly charge of 5s for keeping customers’ accounts be abolished; (fi) that all internal exchangee be abolished, and that the bankß be approached with an urgent request to unify the note issue. Other remits dealt with the necessity for the repeal of the housing legislation, and for a review of the present unsatisfactory system of handling shipments arriving at New Zealand ports for distribution by- rail. WELLINGTON CHAMBER. IMPORTANT SUBJECTS. CONSIDERATION TO-DAY. The Wellington Chamber of Commerce is to consider this afternoon the jremits to be provided for discussion at the annual conference of the Associated Chambers of Commerce, to be held next - month. The" principal remits, it is understood, will have to do with the vitallyimportant questions of taxation, finance, and banking. The burden of post-war taxation is very keenly, felt by trade and industry at tbe present time, and the views of business men on the matter will no doubt be awaited with great interest. ■' A further subject for discussion will probably be the suggested amplification of the trade statistics of the Dominion ; and yet another, the question of the High Commissioner having associated with him on the Shipping Control Committee representatives- of the importers to and exporters from New Zealand.