EXCESS PROFITS TAX.
WITHDRAWAL ANNOUNCED. (By Cable—Press Association—Copyright.) (Australian, tuud N.Z. Cable Association.) (Received February 4th. 8.5 p.m.) LONDON, February 3. Mr Austen Chamberlain, Chancellor of the Exchequer, spenlring at Birmingham, announced the withdrawal of the excess profit 9 duty. He said it was very unusual to make a statement upon the Budget so long before its delivery, and only abnormal conditions would justify such action. There wore many objections to the tax, whidh had a tendency to encourage extravagances and restrict enterprise. Now that war conditions had passed, the tax hit new businesses struggling to pay their way. "Wo have come to the conclusion," ha said, "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. The tax will cease on December 31st, 1020, in the case of all new businesses." Mr Chamberlain added that 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 exchanges.
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Press, Volume LVII, Issue 17062, 5 February 1921, Page 9
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199EXCESS PROFITS TAX. Press, Volume LVII, Issue 17062, 5 February 1921, Page 9
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