LAND AND INCOME TAX.

Taranaki Daily News, 22 September 1920, Page 5

LAND AND INCOME TAX.

ATTITUDE OP CHAMBERS OP COMMERCE. ' By Tehtraph.—Press Association. Wellington, Sept. 21. the' Land and Income Tax Amend- ' taent Bill now before Parliament was considered at a conference of representfttiyts of Chambers of Commerce ihrotaghout New Zealand to-day : Mr. j . Fro*tick (Christchurch) moved: Mgtt the interest! involved by the Land and' Income Tax Amendment Bill are •o' vital to the prosperity of* the eomJWitcialand trading community of this Doffliaion tiiat the Government be asked toppstpone consideration of this Bill in Pyßamimt until next session, and in th&'meantime to appoint a Royal Commission, With full and unrestricted powto make inquiries. .• M*. A. ?. Roberts seconded the motion, which waa carried It- wee agreed that the various sections of the community involved should b» represented on the commission. The conference decided to urge the reinstatement of the clauses providir.g for tto xfcaoval of business premises from operations of the land tax ani to recommend that income received from superannuation and investments be exempt, with a limitation. The conference favored taxation of municipal trading concerns. DeaHpg wi(h taxation of debentares. the conference viewed with disfavoT a proposal in section 14 whereby paragraph (h.) of section 81 Of the principal Act is repealed. 7t irfis. aetirftd to urge that the earned income of any taxpayer shall not iin any year be deemed to exceed the sum ff £WCO. .

Wellington, Inst Night., . Hie Chambers of Commerce Conference, continuing the discussion on the Lapd and Income Tax Amendment Bill, decided.relative to clause 16, that the total amout recoverable should be limited to the amount by which the taxpayer lias -benefited, by reason of the allowance of depreciation 'made in former the question of debentures Rdi the tax, the chairman referred to the companies that had issued debentutts o)S a sliding scale. By attempting |t» these cases the Government pru inifietifcg an injustice generally. ' The Onafereace decided that Section was inadvisable, Its shutting up an avsinM of investment from which debenture espita2liad hitherto been raised. Importance was attached to Clause 28, regulating assessments, it being considered tSat'under this clause a grievous mistake might be made, and ijo redress givln bylhe Department. Tho following resolution uras also carried: this conference has no evidence before it to show wjiat revenue ;s anticipated from the schedule, but as apparently most surpluses in former yekrs Ware second from this source, and the same substantial surpluses afre not now requited, the conference confidently contemplates that the Commissioner will be aide to recommend 'a reduction in the surtax rate." The conference will be continued tom«row.