The Hawaiian gazette., 1905-02-03
MERCHANTS
ASSOCIATION.
tcont'uued from page l.,

lures and implements of trade and pro-
fession, for taxation, shall be the in
ventory value Of same, less discount
of 20 per cent.
8. The inventory OF stock must be
shown in detail In English figures and
language and must accord 1. total
value and total amour. with the total
value and total amount of stock OF
| merchandise, fixtures. furniture and
| implements of trade or profession
! shown as assets in the merchandise
ledger and trading books of the busi-
ness.
| 6. The Tax Assessor or his deputy
shall, at reasonable times, have access
to the books of any partnership, firm,
corporation or individual trading In the
| Territory of Hawaii failure on the
| part of any partnership, firm, corpor-
| alton or individual to grant TO the AS
SCISSOR or his deputy full access to said
books shall render such partnership,
firm, corporation or individual liable
to penalty of not less than 800 and
not exceeding $500.
Z. Inventory of stock for the purpose
of taxation shall be made each year.
<Nh poi COIBotdtiOHS UT
individuals trading in the Territory of
Hawaii shall file with the Assessor of
the Territory written notice OF the date
they propose to take stock and tax
returns for same shall be made within
| a period of thirty days after taking
stock. Failure on the part OF any
partnership, firm, corporation or indi-
yidual to take detailed inventory of
stock each year shall render such part
nership. firm, corporation or individual
liable to a penalty of not less than S100
and not exceeding $500.
s. Any partnership. firm, corporation
or individual trading in the Territory
of Hawaii who shall be found to have
undervalued their stocks of merchan-
disc. fixtures, furniture and implements
OF trade or profession, for the purpose
OF taxation, or shall be found to have
made a false or untrue inventory of
stock. for the purpose of evading tax
alton, shall forfeit all rights TO
the discount allowed OH stocks OF
merchandl e, fixtures furniture and
implements OF trade or profession.
as provided in article No. 4,
and after the value of said stock has
been adjusted so per cent of the total
value shall be added thereto and the
tax of l per cent payable on the whole.
3. Definition of Personal Property
The term personal property" for the
purposes of this act, shall mean and
include all household furniture, effects,
jewelry. watches. goods, chattels, wares
and merchandise machinery, ships or
esseis, whether at home or abroad. all
moneys in hand. leaaehod and chattel
interest in land and real property,
franchises. patents, contracts growing
crops, public stocks and bonds not ex-
empted by law from taxation, and all
animals not herein specifically taxed.
10. Partnerships, firms. corporations,
or individuals selling merchandise for
profit in the Territory of Hawaii or
men of all professions car
rying no stocks of merchandise, or car
rying stocks of merchandise less in
value then one-fourth of their total
sales or earnings shall be taxed one
half of ] per cent on their total annual
sales or earnings, and the boo.5 of such
firms, corporations. partnerships or in
dividuals shall at all reasona bic times
be accessible to the Tax ASS sor or
his deputy for examination. Failure
to grant to ting Assessor or his deputy
full access to the books of the partner
ship. firm, corporation or individual
shall render same liable to a penalty of
not less than 800. and not exceeding
$500.
We would further recommend that
sections s21 to section S37 inclusive, of
Inc present tax law, be Incorporated in
the above
Respectfully submitted,
JAMES WAKEFIELD,
II. F. WICHMAN.