COMPANY TAXATION
COMPROMISE REACHED BASE RATE OF 5. PER‘CENT (Reed. Nov. 26, 10 a.m.) CANBERRA, Nov. 26. The Federal Treasurer, Mr. J. B. Chifley, ■ announced that the compromise on war-time company tax had been agreed to. It will cost about £600,000. He announced in the House of Representatives the acceptance of an Opposition amendment to the Assessment Bill, raising from 4 to 5 per cent the base rate of profit on which the tax will operate. The Opposition Leader, 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 the 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
Gisborne Herald, Volume LXVIII, Issue 20623, 26 November 1941, Page 5
Word Count
139COMPANY TAXATION Gisborne Herald, Volume LXVIII, Issue 20623, 26 November 1941, Page 5
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