The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1905-02-03
MERCHANTS
ASSOCIATION
CONTINUED from page II

lures and implements of trade and pro
| fession, for taxation, shall be the in.
ventory value of same, less d discount
OF 20 per cent.
5. The inventory of stock must be
shown in detail in English figures and
language and MIST accord III toIal
value and total amount 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 bust
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 sucn partnership
| firm, corporation or individual liable
| to a penalty of not less than 500 and
not exceeding $500.
:. Inventory of stock for the purpose
of taxation shall be made each year.
All partnerships, firms, corporations or
IiddIHS III the eGIltOIN Oh
Hawaii shall file with the A 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, corpora ton or fndf-
Vidual to take a detailed inventory of
stock eacn year shall render such part
T1a
liable TO a penalty of not less than $100
and not exceeding $500.
8. 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 false or untrue inventory of |
stock, for the purpose of evading tax
alton, shall forfeit all rights to |
the discount allowed on stocks of |
fixtures furniture and |
implements of trade or profession. |
as provided in article No. 4, |
and after the value of said stock has
been adjusted 80 per cent of the total
value shall be added thereto and the
IclA VI pei CSHI pdydDl6 Oh tie NIOlt-
g. Definition of Personal Property
The term personal property" for the
purposes of this act, shall mean and
include all household furniture, effects, |
eWelry, watches, goods, chattels, wares
and merchandise, machinery ships or
vessels, whether at home or abroad all
moneys in hand, leasehold and chattel
interest in land and real property,
n inc |
,rops, public stocks and bonds not ex-
,mpted by law from taxation, and all
lnima1s not herein specifically taxed.
TO- Partnerships, firms. corporations
n individuals selling merchandise for
profit in the Territory of Hawaii, or
men of all professions car
ying no stocks of merchandise, or car
ying stocks OF merchandise less in |
ra!ue than one-fourth of their total |
ales or earnings, shall be taxed one
laif of l per cent on their total annual |
ales or earnings, and the books of such
rms, corporations. partnerships or in
ividuals shall at all reasonable times
Re accessible to the Tax Assessor or
lis deputy for examination. Failure |
o grant to the Assessor or his deputy
ull access to the books of the partner
hip, firm, corporation or individual
hall render same liable to a penalty of :
ot less than 800, and not exceeding
800
We would further recommend that
ections 821 to section S37 inclusive. of I
ne present tax law, be incorporated in
he above.
Respectfully submitted,
JAMES WAKEFIELD,
H. F. WICHMAN