NEW FEDERAL TAXATION

Evening Post, Volume CX, Issue 10, 11 July 1930, Page 9

NEW FEDERAL TAXATION

STORM. OF PROTEST DIRE EFFECTS ON TRADE United Press Association—By Eloetrlc Teloeraph—Copyright. SYDNEY, 10th July. Tho Government's new taxation and revenue duties have dealt a staggering blow to trade and industry. Leaders of commerce all declare that the new imposts must be passed _on, further increasing the cost of living and intensifying unemployment. Motion-picture distributors declare that, the taxation of their industry has reached breaking point. Tho extra penny a foot on film means an extra £2000 a week, or £112,000 a year. ' A lending accountant stated that the direct and indirect Federal taxation for the current year amounts to over fiftynine millions sterling. Beports arriving from all the States contain most bittur protests against'the taxation proposals and the dire offeets these are likely to have upon the trading communities. An agitation has begun in Adelaide and Brisbane for a united business men's organisation to frustrate the Federal Government's attempt to enforce the taxation measures, which, according to one manufacturer, are likely to put, half the-wholesalers in Australia out of business.

The share market in Melbourne has slumped sharply.