EXCESS PROFITS

Evening Post, Volume CXXX, Issue 53, 30 August 1940, Page 8

EXCESS PROFITS

LEGISLATION LATER

MINISTER'S ANNOUNCEMENT When the Finance Bill No. 2 was before the House of Representatives today the Minister of Finance (the Hon. W. Nash), in reply to a question, said that the proposed excess profits tax would be imposed by a Bill that would come before the House later. | Mr. W. J. Poison (National, Stratford) asked the Minister if. he could outline the basis of the tax. Mr. Nash said the proposals would come before the House. He could not deal with the matter at present. The Rt. Hon. J. G. Coates (National, Kaipara) said that Mr. Nash's statement would be received in the spirit in which it was offered. It was far better to have a clear and concise Bill before the country instead of something that .had to be altered afterj wards and which created confusion j and misunderstanding. "To some cxi tent, this will break new ground, ! though I believe there was a profits | ti. : during the last war," said Mr. Coates.

Mr. Nash: It lasted only for a year. Mr. Coates: I hope that this will not continue after the war. Mr. Nash: Only for those who make profits out of the war, that is all.

The Leader of the Opposition (the Hon. Adam Hamilton) said the Minister should clear up any doubts in respect to excess profits taxation. Producers were asked to make the maximum effort and if all they produced was to be taken by taxation they would be wondering what their position was. If a man were asked to produce more with an excess profits tax hanging over his head it was not an encouraging outlook.