EVASION OF TAXES
SOME SHREWD DEVICEB MANIPULATION OF INCOME United Press Assn.—Elec Tel. copyright LONDON, May 9 Since the Treasury recently pointed out that Incomes subject to surtax had mysteriously fallen by £170,000,000, the Times has revealed many taxdodging devices. A favourite one is to appoint a board of trustees to receive all income and to form two companies registered abroad —say in Andorra and Luxemburg. Income is manipulated until It is returned to the owner as capital. Lackincome tax. Sir John Simon. Chancellor of the Exchequer, has applied his own knowledge of law in addition to that of the Treasury experts, in order to defeat the hosts of lawyers and accountants who are thinking up plans to help the rich evade taxation. Sir John will close loopholes in the law with clauses prohibiting the formation of “one-man companies” abroad and will give commissioners special powers to investigate taxavoiding plans.
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Waikato Times, Volume 122, Issue 20494, 10 May 1938, Page 7
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150EVASION OF TAXES Waikato Times, Volume 122, Issue 20494, 10 May 1938, Page 7
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