asked the Minister for Finance whether he is aware that the Revenue Commissioners are claiming income tax from co-operative credit societies operating under the Friendly Societies Acts, and whether, in view of the expressed desire of the Government to encourage the formation and growth of these societies, he will take steps to amend Section 39 of the Income Tax Act, 1918, which governs the question, so that credit societies may be excluded from the provisions of the section.
Ceisteanna—Questions. Oral Answers. - Co-operative Societies and Income Tax.
There is a large number of different classes of societies registered under the Friendly Societies Act, 1896, which are not friendly societies, and are, therefore, not entitled to the relief from income tax granted to friendly societies under Section 39 of the Income Tax Act, 1918. Provisions other than those contained in Section 39 may, however, affect the class of co-operative credit societies to which the Deputy refers, and if he will give me particulars I shall arrange to have the matter further investigated.