Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1905-02-03
REFORM Of TAX LAW
REPORT ON PROPOSED
AMENDMENTS IS AADE
DIRECTORS OF MERCHANTS As.
ISOLATION ELECT NEW OF.
FicERs-sMiTH, CATION
AND HARRIS.

ernoon elected the following ofiicers
for the ensuing year: President, George
W. Smith (re-eIecteuJ; VICE presldent,
Robt. Cation (re-elected): secretary.
Richard II. Trent succeeding J. II.
Soper): treasurer. w. W. Harris IRE.
slected). These officers. with J. Wake
field, J. +. Hamburg. J. A. Kennedy.
W. T. Lucas and NJ. Phillips. form the
board Of directors. Standing commit.
tees for the new year will soon be an
nounced by the president.
A report on proposed amendments
to the tax laws reads as follows:
Honolulu, January %. 1905.
Mr.. George W. Smith. President Mer.
chants Association.
Dear Sir: The committee appointed
to deal with the suggested amend
ments to the present law providing for
tax on real and personal property.
beg to report as follows:
l. Real Property-Except as herein
provided all real property within the
Territory Of Hawaii. shall be subject
to a tax of per cent on the cash
value Of the same.
2. Definition OF Cash value-Cash
value for real estate shall be deter
mined by actual sales of property. Of
Hike value, made during the previous
twelve months. within the vicinity Of
property assessed. or by sales OF prop
Ierty Of similar character.
3. Definition of Real Property-Tho
term real property" for the purposes
Of this act shall mean and include all
lands, and town lots and house lots
with buildings. structures. fences.
wharves. improvements and other
things erected on or affixed to the
same.
4. Personal Property-The value "
stocks OF merchandise. furniture, fix
lures and implements Of trade and pro-
fession. for taxation, shall be the in
ventory value of same, less a discount
OF 20 per cent.
5. The inventory of stock must be
shown in detail In English figures and
language and must accord In total
value and. total amount with the total
yalue and total amoupt nj s,ock NJ
merchandise. fixtures. furniture and
implements Of trade or profession
shown as assets in tho mercbandise
ledger and trading bools Of tho busi.
ness.
6. The Tax Assessor or his deputy
shall Mt reasonable times have access
to the books of any partnership. nrm.
corporation or individual trading in
the Territory of Hawaii: failure on tho
part of any partnership firm. corpora-
ton 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 a penalty of not less than 500 and
not exceeding $500.
Z Inyentory of stock for the MR.
nose of taxation shall he made each
wear. All partnersbips. firms corpora-
lions or individuals trading in the Ter
ritory OF Hawaii shall file with the
Assessor OF the Territory written no.
tice of the date they propose 10 take
stock. and tax returns for same shall
be made within n period OF thirty days
after taking stock. Failure on the part
Of any partnership. firm, corporation or
Individual to take detailed inventory
of stock each year shall render such
partnership, firm, corporation or In
dividual liable to a penalty OF not less
than 500 and not exceeding $500.
8. Any partnership, firm. corpora
ton or individual trading In the Ter
ritory Of Hawaii, who shall be found
to have underyalued their stocks OF
merchandise, fixtures, furniture and
implements Of trade or profession, for
the purpose OF taxation, or shall be
found to have made q false or untrue
inventory Of stock, for the purpose OF
evading taxation, shall forfeit oil
rights to the discount allowed on
stocks of merchandise, fixtures, furpi.