NEGLIGIBLE BENEFITS
REDUCTION OF STAMP DUTY. AUCKLAND, June 23. Those local bodies in Auckland which, being heavily indebted to the major State lending departments, expected to derive considerable benefits from the stamp duty provisions of the National Expenditure Adjustment Act are experiencing a rude shock. The State Advances Superintendent is wholly exempt from payment of the duty, and the Public Trustee is exempt to the extent of his investment of State superannuation funds. Until the Public Trustee apportions the amount of loan money represented by the superannuation funds and the amount represented by private investments, the value of the rebate from that source cannot be known. Accordingly, the belief of a majority of the Auckland local bodies is that the benefits accruing to them will be too negligible to pass on to the ratepayers.
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Bibliographic details
Otago Witness, Issue 4085, 28 June 1932, Page 33
Word Count
134NEGLIGIBLE BENEFITS Otago Witness, Issue 4085, 28 June 1932, Page 33
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