INTEREST ON DEBENTURES
EFFECT OF STAMP DUTY. ORPHANAGE INCOME REDUCED. The incidence of the 10 per cent, stamp duty on interest from local body debentures as affectinj the work of charitable institutions was strikingly shown at the annual meeting of the Papaioetoe Orphan Home on Saturday. The annual report stated that a very unexpected and serious change in the Trust Board’s reckoning of income had been caused through the imposition of the reduction, of interest on these debentures. The financial statement showed that over 70 per cent, of the money invested by the board was in local body debentures. ' ''The view was expressed’ that, since the work of the home was relieving the State of some of its responsibilities some concession should be granted. A resolution was later adopted, on the motion of Mr. C. J. Tunks, urging the board to approach the Government requesting- that orphan homes and other institutions be granted exemption from the duty on interest from local body ..debentures.
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Taranaki Daily News, 7 June 1932, Page 17
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163INTEREST ON DEBENTURES Taranaki Daily News, 7 June 1932, Page 17
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