The Kinsley graphic. [volume] (Kinsley, Kan.) 1890-1940, 1893-10-13
Act ~ Oct III 1902.


Most Gracious Sovereign: We, your majes-
ty's most dutiful and loval subjects the house
of representatives of New Zealand. in paria-
ment assembled towards raising the necessary
supplies to defray your maiesty's public ex-
peuses and making an addition &c the public
revenue have freely and voluntarily agreed TO
give and grant unto your majesty the several
duties hereinafter mentioned and do therefore
most humbly Deseech your majesty that IL may
be enacted and be it enacted bv the queens
most excellent majesty, by and with the advice
and consent of the general assembly Of New
Zealand in parliament assembled, and by the
authority of the same as follows:
l. The short ii lie Of this act is ''tbe land tax
and income tax act 1892"
= For the twelve months commencing the
first day of April, one thousand eight hundred
and ninetv-two there shall be charged, levied.
collected and paid for the use OF her ma jestv
the several duties of land tax and income tax
hereinafter respectively mentioned, that is TO
say:
Iu respect of income of fcompanies-Fc" every
pound sterling of the income of every company.
association, person chargeable bv or under
schedule c of "the land and income assess
-nent act 1884," or in accordance with regula-
tiGus na6e or hereafter to be made under the
said schedule, and derived or received by such
COMPANY, association, or person in the year
ending on the thir y-firs: day Of March one
thousand eight hundred and fsrety-two; or
otherwise as may be provided by any such
regulations as aforesaid duty, by way OF in
come tax, of one shilling
In respect of income Of perSons-Q) For
every potud sterling of the income Of anv per-
sor derived from business for the year ending
on the thirty first day of March, one thousand
eight hundred and ninety-two. and chargeabie
under Schedule D Of The land and income as
sessment act 1891" a duty, by of income
tax. follows: Up to and including ore thou
sand pounds sixpence; exceeding one thousand
pounds, one shilling (2) For every pound
sterling of the income of any person derived
from employment or emolument for the year
ending on the thirty-f first day Of March, one
thousand eight hundred and ninety-two and
edargeable under Schedule Of "the land and
income assessment act, 1885," q duty, by way
OF income tax. as follows: Up 20 and including
one thousand pounds, sixpence exceeding one
thousand pounds, one shilling. And where any
person is chargeable with income tax, whether
derived from business or derived from employ
rent or emolument, upon any amount exceed
ing one tittuSapd pounds, he shall be liable to
paw the higher rast6 CT 5pty bereinbefore pro-
vided upon much of such tsIaciG income on
ly as exceeds the said sum Of one Thousand
pounds
SCHEDULE C-INcoME OF COMPANIES.
l. Every company carrying on any business
adventure concern in New Zealand tother
than a company wholly or mainly carrying on
the business of life insurance. shall be liable 20
the tax on income which shall be assessed and
paid by such company in respect OF the gains
and profits derived or received from such busi-
ness in each year ending the thirty first day
of March The income OF the company shall
include dividends earned, sums carried to re-
serve fund. and any other profits made or in
come derived during such year as aforesaid
and, in the case of banking companies Shall
include income derived or received from mort
cages: provided that every person or company
engaged in business owner or charterer OF
shipping shall pc assessed for taxation upon
It's income ON such terms and conditions as
may be prescribed by regulations, and such as
sessment shall be subject 10 all rights OF obJeo-
tion and review as provided by this act: pro-
vided; also, that In the case OF insurance com
panies regula tions may prescribe means for de
terminfng what portion of the income OF such
companies shall be deemed to be the income OF
such companies in New Zealand, and such in
come only shall be liable TO be assessed for in
come tax under this act
g In any case where q company has at any
time heretofore borrowed or shall at any time
hereafter borrow money on debentures, such
company shall be deemed TO be the agent Of
| every holder of such debentures, whether such
holder be or be not resident in New Zealand,
| and such company shall he bile to pay tax
| accordingly on behalf of every holder OF such
| debentures, and shall be entitled to deduct IA
! each year from any instalment of interest pay
| able by it upon the amount of such debentures
| any tax so paid, whether coupons for such In
| terest have been issued with such debentures
/ or not But no such debenture holders shall be
| allowed any deduction BY way of exemption
| from assessment: provided that where com
! pany has borrowed money in the manner here
| tofore mentioned upon debent ures, nei her the
company nor the debenture holder sh all be liza
| BILE to be assessed for income tax in respect oi
so much Of the money so borrowed as the COM
/ pany proves to the satisfa ction OF the commits
! sioner at the date for making the annual returr
| OF income, was invested b. such company OF
mortgages of land in New Zealand duly regis
| tered, and also that such mortgages of land haC
| been assessed for land tax under schedule
| Of this act, and that the then holder
| of any such debenture residing
beyond New Zealand; and such regulation;
shall from time to time be prescribed as NAL
! be necessary 10 give effect to this provision
Provided. also, that where company has Dor
rowed may hereafter borrow money on de
bentures and the land in New Zealand owned
by such company is in any way charged as Sc
curttv for the moneys payable under such de
bentures, the amount so charged shall bt
deemed to be a mortgage OF land. and may b'
, deducted In any annual or other return to b.
made by the company, and such amount shai
be returned by the company as agent for th'
debenture holders, and the company shall b
liable to be assessed and to pay tax accordingly
on behalf OF the holders Of such debentures
but no such debenture holders shall be allowed
any deduction by any exemption The interes
accruing due upon debentures SO deducted
shall not be assessed liable TO income Ia,
either by the company or the debenture hold
ers No deduction shall be allowed under thl
provision unless and until the company prove
TO the satisfaction OF the commissioner tha
the amount claimed to be deducted as afore
said a charge upon the land Of the com
pauy
No company shall be entitled to any eZ
emption in respect Of the assessment for 10
on income, but the persons receiving any In
come IN respect of any share or interest In an!
COMPANY shall not be liable TO tax thereon
4 In respect OF companies association
carrying on the business Of life insurance Il
New Zealand dnciuding the department
created under ''the government and annuitie
act, 1s74'') tax shall be assessed and paid upo
the income derived b. each such company O
department from investments OF any ktnt
other than investments In land or upon nor
cages Of land
SCHEDULE D-IyCoNE FROM BUSINESS
/ Every person shall he liable to tax In re
spect Of income derived from business on tn
full amount OF the balance OF the prodn o
gains Of such business Income derived fror
business" includes. brt without limiting th
mean.ng Of thoss words. tho satas. or proft
derived or received 10 tbs colony az any perso
IA % ssi qi tss ss.eaS Ia sSsa ysss sas.as v