LIABLE TO INCOME TAX
CO-OPERATIVE SOCIETIES
DECISION IN BRITAIN Ji
(British Official Wlreleu.)' *\ BUGBY, May 22. ' The Chancellor of the Exchequer (Mr. Neville Chamberlain), in the House of Commons, moved a financial resolution to authorise legislation to carry cut the recommendation of the Committee upon Income Tax in relation to Co* operative Societies. Under the present law income derived from trading with members is exempted from'taxation, and the Government's intention is to repeal that section. The Chancellor explained that efforts had been made to reach an agreed basis of taxation with the co-operative societies, but this had failed, and the . Govern-' ment had to formulate its own proposals. The effect of the resolution was merely] to put theso societies in the same position as other trading companies cany* ing on identical activities. The House adopted tho resolution by) 328 votes to 109. , ,
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Bibliographic details
Evening Post, Volume CXV, Issue 120, 24 May 1933, Page 9
Word Count
142LIABLE TO INCOME TAX Evening Post, Volume CXV, Issue 120, 24 May 1933, Page 9
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