THE FINANCE BILL

Otago Witness, Issue 3314, 19 September 1917, Page 22

THE FINANCE BILL

ALLOWANCES TO DEBENTURE HOLDERS. (From Oub Own Coebespondent.) WELLINGTON, September 14. A new sub-clause dealing with allowances to debenture holders in companies in cases of hardship was added to the Finance Bill by Vice-regal Message this afternoon. It is inserted after the proviso to sub-olause 1 of olause" 37 (compulsory subscriptions to war purposes loan). The new sub-clause is as follows:—"If the commissioner is satisfied with respect to the holder of any debenture or debentures issued by any company that the total income of the debenture holder from all sources, whether iq New Zealand or elsewhere during the income year, did not exceed £3OO, and that the payment of the income tax in respect of the income derived from such debenture or debentures has constituted a serious hardship to the debenture holder, the commissioner may pay to the debenture holder by way of refund such amount as lie thinks fit, not exceeding the amount paid by the company as agent of the debenture holder as income tax in respect of the income derived from such, debenture or debentures." In the Legislative Council Sir Francis Bell said the amendment extended to small debentures holders the concession already made to small shareholders. The Commissioner of Taxes was given power to refund income tax in the case of a debenture

holder whose income from, all sources did not exceed £3OO per year. Sir Joseph Ward stated that this would be _ the last addition to the Finance Bill, . which would be sent on to the Governorgeneral for signature as soon as the Legislative Council passed this amendment. The amendment was agreed to. The amendment was agreed to by the Legislative Council.