INCOME TAX BURDEN

Otago Daily Times, Issue 23830, 9 June 1939, Page 13

INCOME TAX BURDEN

AMOUNTS PAID BY BANKS “AN ANTIQUATED SYSTEM ” • Per United Press association) WELLINGTON, June 3. “ Early this year the banks between them paid some £380,000 income tax, because in the previous taxation year they had held ah average of £67,000,000 from the public in the way of deposits," said Mr R. C. Addison, chairman of the Associated Banks at a smoke concert of the Bank Officers’ Guild. The banks between them paid a further £290,000 income tax becaus they made advances to the public averaging £51,000,000 Mr Addison said. 7 hey also paid substantial amounts in other assets and liabilities, and this was the cruellest ruh of all—just on £50,000, on the £8,750,000 which was the average they had maintained at the Reserve Bank, upon which deposits they did not revJ e any interest. Mr Addison added that he wished to make it very clear he was not referring particularly to the present Government. It was only fair to emphasise that a review of this antiquated system of taxation which was conceived under absolutely different circumstances from those now obtaining had been shelved by the various Governments. Mr Addison also paid tribute to the service which the banks had given the Dominion during the' past years, and gave the assurance that they would continue that service in the future,