EXCESS PROFITS.
THE TAX TO BE DROPPED. STATEMENT BY CHANCELLOR. By Telegraph.—Press Assn —Copyright. Received Feb. 4, 8.5 p.m. London, Feb. 3. Mr. Austen Chamberlain (Chancellor of the Exchequer), speaking at Birmingham, announced the withdrawal of the excess profits duty. He said it was very unusual to make a statement upon the Budget long before its delivery, and only abnormal conditions would justify such action. There were many objections to the tax, which had a tendency to encourage extravagance and restrict enterprise, now that war conditions had passed and the tax hit new businesses struggling to pay their way. “We have come to the conclusion,” he added, “that we can afford not to renew the tax. and we shall not exact it after it has run its normal course. All businesses, except those begun since the war, will pay the tax for a period of seven years dating from the first accountancy. period, and the tax will cease on December 31, 1920 in the case of all new businesses.” Mr. Chamberlain said it was not intended to impose new taxes to replace the excess profits tax, though there might be new duties dealing with dumped goods and depreciated exchange.— Aus.-N.Z. .Cable Assn.
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Taranaki Daily News, 5 February 1921, Page 5
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202EXCESS PROFITS. Taranaki Daily News, 5 February 1921, Page 5
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