Post by Kiwi Frontline on Apr 20, 2019 5:58:44 GMT 12
Hawkes Bay Today 20/4/19
SALE OF HAWKE’S BAY SEAFOODS MEANS LESS IN GOVT COFFERS
Ngati Kahungunu are to be congratulated on their purchase of Hawke's Bay Seafoods. With good management, the business will continue creating jobs in the local economy.
Now that Kahungunu own the newly named Takitimu Seafoods, the business will cease to pay income tax. Kahungunu Asset Holding Company is a registered charity, therefore exempt (under section CW42 of the Income Tax Act) from paying tax on its business income.
This represents a massive competitive advantage to Kahungunu and other corporate charities, other companies must pay 28 per cent tax on retained earnings or pay dividends (which are taxed in the hands of the shareholder). Kahungunu doesn't have to pay tax on Its earnings and can simply distribute its profits through charitable grants to members.
So every time Kahungunu swallows up a competitor we have less in the coffers to pay teachers. nurses: and police - perhaps not so much to celebrate?
SARAH TAYLOR Napier Hill
Dominion Post 20/4/19 (‘To the point’ section)
The non-Maori 85 per cent of the population. commonly referred to In the media as The Silent Majority. should more aptly be called The Pathetic Apathetics. Their only contribution to the running of the country Is to put some marks on the electoral voting papers every three years
BRYAN JOHNSON, Omokoroa
sites.google.com/site/kiwifrontline/letters-submitted-to-newspapers
SALE OF HAWKE’S BAY SEAFOODS MEANS LESS IN GOVT COFFERS
Ngati Kahungunu are to be congratulated on their purchase of Hawke's Bay Seafoods. With good management, the business will continue creating jobs in the local economy.
Now that Kahungunu own the newly named Takitimu Seafoods, the business will cease to pay income tax. Kahungunu Asset Holding Company is a registered charity, therefore exempt (under section CW42 of the Income Tax Act) from paying tax on its business income.
This represents a massive competitive advantage to Kahungunu and other corporate charities, other companies must pay 28 per cent tax on retained earnings or pay dividends (which are taxed in the hands of the shareholder). Kahungunu doesn't have to pay tax on Its earnings and can simply distribute its profits through charitable grants to members.
So every time Kahungunu swallows up a competitor we have less in the coffers to pay teachers. nurses: and police - perhaps not so much to celebrate?
SARAH TAYLOR Napier Hill
Dominion Post 20/4/19 (‘To the point’ section)
The non-Maori 85 per cent of the population. commonly referred to In the media as The Silent Majority. should more aptly be called The Pathetic Apathetics. Their only contribution to the running of the country Is to put some marks on the electoral voting papers every three years
BRYAN JOHNSON, Omokoroa
sites.google.com/site/kiwifrontline/letters-submitted-to-newspapers