NEW BRITISH TAX

Taranaki Central Press, Volume IV, Issue 414, 22 April 1937, Page 5

NEW BRITISH TAX

INJUSTICE CRITICISED. EFFECT ON NEW ENTERPRISE. Profits from Armaments. Press Association —Copyright. Received 11.5 a.m. London, April 21. Not only City business men, but also a large nurr.b*r of Conservative members of the House of Commons, criticise the injustice of the new tax. Fears are expressed that It will retard the establishment of new enterprises in the distressed areas. The Financial News estimates that the tax will take about 15 p cent, of the increased prof ’s in industry, and adds: “As 25 per cent, already goes in income tax, it is a wonder that people trouble to hold shares at all.” One of the shrewdest Labour members told the Times’ Parliamentary Correspondent that the tax would not be removed from the Statute Book in a lifetime. The Daily Herald, in a full-page leader this morning on the Budget, praises Mr. Neville Chamberlain’s courage, but considers that if he had carried his principles to their logical conclusion he would have prohibited any direct profits from armaments.

BUDGET PRESS COMMENT

“Helping To Ruin World.” Press Association—Copyright. London, April 20. ■‘Th© Budget marks the complete failure of .hi; Govciumon. policy." said Mr. C. R. Attlee Labour Leafier, in the House Commons to y. We shall oppose i’ because it is air expression of a foreign policy which is helping to ruin the world." Sir Archibald Sinclair, Liberal Leader, said the Chancellor explained why Bri.ain was unable to balance its Budget this year, but did no. attempt to exptain how it would be in a better position five year;, hence. “Mr. Chamberlain avoided all extremes, apportioning the cost between revenue and loan In a manner least likely to ecourngo . boom or start downward movement." say s the Time; n an editorial ar.icle. Taking Back Extra Gains. “The new tax is an endeavour to take back at least a. porti n of the extna gains which may arise from ;lio increased expenditure on armaments, but will apply to a'l forms of increased business profits," says th© Dally Telegraph. The Manchester Guardian says Mr. Chamberlain deserves high credit tor antic ipating the, public ‘demand for an excess profits dn’y and allaying possible unrest duo to ho spectacle of high profits made from the country’s need. The optimistic forecast of the year’s revenue in th - Chancellor's Budget statement is supported by the Exchequer returns, which show tin total ordinary rvenue amounts to £37,179,660, compared with £31.1 15,641 at the corresponding date last year. Revenue from income tax it over £1,000,000 higher at £8,164,000, and the yield of Customs has jumped from £8,596,000 last yetar to £ll.123,000. The total ordinary expendlUre is £43,175,039, compared with £46,931,196, at 'the corresponding date of 1936.