EXCESS PROFITS

Wairarapa Times-Age, 30 August 1940, Page 6

EXCESS PROFITS

BILL TO BE INTRODUCED SHORTLY BUSINESS BEFORE HOUSE TODAY. AMENDMENTS TO HEALTH LEGISLATION. (By Telegraph—Press Association.) WELLINGTON, This Day. The House of Representatives met today at 10.30 a.m. when general minor amendments to the Health Amendment Bill, made by the Legislative Council, were approved. Urgency was granted to the passing of the Finance Bill No. 2 The Minister of Finance (Mr Nash) moving the second reading of this measure, explained in detail its various clauses and, in reply to an Opposition interjection, said it was intended to bring a Bill before the House dealing with the excess profits tax as soon as possible.

Mr Coates congratulated the Minister on his intention to bring in a Bill for discussion s by the House on the excess profits tax proposals. He hoped the tax would not be continued after the war.

Mr Nash: “Only on those making war profits, that’s all.”

The Leader of the Opposition, Mr Hamilton, suggested that the excess profits tax should be dealt with early, as farmers who were asked to produce more and more were wondering whether the Government would take their extra profit. Taxation was getting so high that it forced companies to take as much money on deposit and to use as much credit as possible. This was an unsound system of financing. He considered that companies should be allowed to pay dividends on their share capital at the same rate as that on State Advances stock or a bank overdraft/

The debate was interrupted by the luncheon adjournment at 1 p.m.