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LAND AND INCOME TAX BILL EXPLANATORY NOTE The Bill is a compilation of the Land and Income Tax Act, 1923, and its amendments now in force. It assembles the existing legislation into one enactment, but makes no change in the law, except for repealing the enactments practically spent which are so indicated in the subjoined Comparative Table. The disposition in the Bill of existing provisions to be repealed and replaced, and the reasons for omission of existing provisions to be repealed without replacement, are shown in the subjoined Comparative Table. The sources of the clauses of the Bill are shown in the marginal notes. Exemptions from taxation of a particular institution, and express declarations of liability, are regularly contained in legislation relating to that institution. Not being part of the general law of land tax and income tax, they have not been transferred to the compilation. They include the following enactments : 1908, No. 71: The Government Accident Insurance Act, 1908, s. 26. —The General Manager of the State Fire Insurance Office, a corporation sole, to be liable to assessment and taxation as in the case of an accident insurance company. 1921-22, No. 48 : The Public Trust Office Amendment Act, 1921-22, s. 35.—An advance by the Public Trustee to an estate or a beneficiary on the security of the assets or a share therein, including land, to be treated for purposes of land tax as a registered mortgage. 1923, No. 21: The Land and Income Tax Act, 1923, s. 94. —The State Fire Insurance General Manager, as a corporation sole, to be liable to income tax. 1927, No. 45 : The Rural Intermediate Credit Act, 1927, s. 31. —The Rural Intermediate Credit Board to be deemed a public authority within the meaning of the Land and Income Tax Act, 1923, for the purposes of s. 78 (h) of that Act (with effect of exemption from tax of income derived by persons not resident in New Zealand from debentures issued under the Act of 1927). The Rural Intermediate Credit Board is now the Board of Management constituted by s. 9 of the State Advances Corporation Act, 1936 ; see State Advances Corporation Act, 1934-35, s. 40. 1929, No. 12: The Land and Income Tax Amendment Act, 1929, s. 9.—The Public Trustee to be assessed for land tax as mortgagee in possession of land purchased by him before the passing of the Act upon default by his mortgagor. 1929, No. 29: The Finance Act, 1929, s. 28.—The trustees of Cornwall Park exempted from income tax, and from half amount of land tax. 1930, No. 22: The National Art Gallery and Dominion Museum Act, 1930. —The Board of Trustees of the National Art Gallery and Dominion Museum to be exempt from land tax and income tax. 1931 r No. 6 : The Hawkes Bay Earthquake Act, 1931, s. 45. —Upon report of a Committee in case of serious hardship, the Commissioner of Taxes may release a taxpayer from liability for land tax or income tax for certain years. 1932, No. 28 : The Waitangi National Trust Board Act, 1932, s. 10. —The land of the Waitangi National Trust Board to be exempt from land tax. 1933, No. 11: The Reserve Bank of New Zealand Act, 1933, s. 52. —The Reserve Bank of New Zealand to be exempt from public taxation to the same extent as the Crown. 1935, No. 32: The Land and Income Tax Amendment Act, 1935, s. 3; as amended by 1936, No. 34 : The Land and Income Tax Amendment Act, 1936, s. s.—The Masterton Trust Lands Trustees and the Greytown Trust Lands Trustees to be assessed for land tax at one fourth of regular rate, or at |d. in the pound of the unimproved value, whichever is the greater.

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