PROFITS TAX

Waikato Times, Volume 127, Issue 21198, 22 August 1940, Page 6

PROFITS TAX

BILL TO BE INTRODUCED CURRENT YEAR’S INCOME (By Tel*»irrapli. —?pedal to Times) WELLINGTON, Wednesday Reply to an urgent question asked in the House of Representatives today by Mr W. S. Goosman (Opposition—Waikato), the Minister of Finance, the Hon. W. Nash intimated that the Government proposed to proceed with a bill introducing an excess profits tax. Mr Goosman asked whether, in view of the widespread concern and uncertainty caused by the statement of the Minister that it was the Government’s intention to introduce on some basis an excess profits tax of 100 per cent, the Minister would state was it still the intention of the Government to carry on with the introduction of such a tax? Had arrangements been completed and if so when was it proposed to institute the tax? Would the proposals come before the House in the form of legislation and if not would the House first be given an opportunity to discuss any proposals that might be formulated? Mr Nash replied that the Government intended to introduce the tax. While the proposed arrangements were not yet finally determined the present intention was that the tax should apply with respect to incomes derived during the current year, that was the year that commenced on April 1, 1940, and during future years.

“The proposals will be included in draft legislation to be placed before the House at an early date,” concluded Mr Nash.