WAR PROFITS TAX.

Press, Volume LII, Issue 15767, 7 December 1916, Page 8

WAR PROFITS TAX.

AUSTRALIA'S PROCEDURE

(Br Cable.—Frees Af-sociation.—Copyright.) (Received December Gth, 10.15 MELBOURNE, December 6.

The Treasurer announced the reduction of the war-time profits tax. The Government, he &akl, had decided to limit .the tax to 50 per cent, on war profits. over the permitted percentages during the, first year of the war. and to 75 per ceiit. on the second year of war. Mining companies and fruit-growing concerns would be exempt. The Treasurer outlined a new scheme of wealth conscription jfor repatriation purposes, by which there would be an annual payment of Gs per cent, of wealth per year for five years. The inecine tax would be increased by 25 per cent., and an entertainments tax levied on ticket- over sixpence. KXIM'XTED YIELDS. (■Received December 7th. 1 a.m.) MELBOURNE, December CS. The .Federal Treasurer said lie estimated that the war profits tax for the first, year would produce £600.000. the repatrint-ion tax £"1,833,000 per annum, and tho entertainments tax £700X30. The exemptions on incomer; over £500 would disappear: £'2'j would be allowed for each child under the age oi sixteen. The exemption from income tax wouki l*> reduced to £100 for unmarried persons without dependents.