GENERAL NEWS.
INCOME TAX FRAUD. The attention of the Government aas been drawn by Mr Field to the practice of certain wealthy .foreign tirms and companies, having branches or agencies in New Zealand, debiting their goods to such branches or agencies at such increased prices as will permit of little or no profit being shown on their New Zealand business, ;-nd that thus the revenue of the Dominion, is being amyiall defrauded of considerable income-tax which is justly payable "I am aware of the practice referred to," replied the Prime Minister, " but I am informed by the Taxing Department- that the evasion of taxation is not so great as the honourable mfeymber appears- to -think.- Where such practices exist the department has the power under the Act of rejecting the returns made, and of assessing the taxpayer on what appears a. reasonable rata, of profit. This is frequently done, and the onus is then placed < n the taxpayer of showing that the depart r ment's assessment is wrong should he object to it."
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https://paperspast.natlib.govt.nz/newspapers/THD19101119.2.22
Bibliographic details
Timaru Herald, Volume XCIII, Issue 14353, 19 November 1910, Page 5
Word Count
173GENERAL NEWS. Timaru Herald, Volume XCIII, Issue 14353, 19 November 1910, Page 5
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