WARTIME PROFITS
AUSTRALIAN TAX RATE
CANBERRA, November 25
The Federal Treasurer, Mr. J. B. Chifley, announced that a compromise on the wartime company tax had been agreed to. This will cost the Government about £600,000.
Mr. Chifley announced in the House of Representatives his acceptance of the Opposition amendment to* the Assessment Bill raising from 4 to 5 per cent, the basic rate of profit on which the tax will operate.
The Opposition leadex*. Mr. A. W. Fadden, reminded the House that the Government's original plan for a standard rate of 4 per cent, would have defeated its own end, as it would have fallen most heavily on companies on which the Government was depending for a large proportion of the £157,000,000 to be raised before June 30 next year by voluntary means.
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Bibliographic details
Evening Post, Volume CXXXII, Issue 128, 26 November 1941, Page 8
Word Count
133WARTIME PROFITS Evening Post, Volume CXXXII, Issue 128, 26 November 1941, Page 8
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