THE LAND AND INCOME TAX.

Otago Daily Times, Issue 12036, 7 May 1901, Page 2 (Supplement)

THE LAND AND INCOME TAX.

WELLINGTON, May 3. Tlie taxation question came before the Chief Justice to-day in tiie form of a ' i!i>eci:il case stated by the Commissioner of Taxes and the Australian Mutual Provident Society for the opinion of the court. The commissioner claims from the society, under section 55 of ,; The Land and Income Assessment Act, 1900," income tux assessed on tin*, total income from investments of (•verv kind, other than investments in or on land. The society, on the other hand, claims that it is entitled, under section 68 of the act, to deduct from its total income r. sum computed at the rate of £5 per wilt, per annum nn the capital value of its interest in the land occupied and used by it, and that the assessment should ho niade on the balance left out of the total income. In short, the question for the court to answer was: Is the defendant company entitled to have the said deduction made from its total income for the purpose of its income tax assessment? Mr iMiiiiiay appeared for the Commissioner of Ta::cs, and, in opening, remarked that the "point involved was an important one, as it affected, not only the company in question, but all others doing business ' the colony, litielly, his contention was Ih'.t section 55 made the income tax payalic on :i certiiin defined basis, and there could tie no deduetious. The court reserved j'.'Jg-