TENTH OFF INCOME TAX, CANADA’S NEW BUDGET PROPOSES

Manawatu Times, Volume LIII, Issue 6536, 18 February 1928, Page 9

TENTH OFF INCOME TAX, CANADA’S NEW BUDGET PROPOSES

Empire Big Share of Trade Also Indicated PREFERENCE PROVISIONS ’ ' , KSLAINED (A.P.A. and Sun.) (Received Friday, 5.5 p.m.) • • • • • OTTAWA, Feb. 16. Delivering the Canadian Budget on Thursday, the. Minister of Finance, Mr J. A. Robb, announced a net debt reduction for- the fiscal year 1927-28 of 88,800,000 dollars. Regarding Empire trade, he stated that imports to secure the advantage of the British preferential tariff must now bo 50 per cent. Empire labour and materials, instead of 25. Similar increases were required for goods entering under' treaty rates and the intermediate tariff. Tax reductions would total 19,000,000' dollars, including 10 per cent, on iticome tax.. Tariff changes include a material reduction on a large range of hodaehod .cottons. British preference was widened. Mr Robb added that, excluding Britain, Canada bought from Empire countries in the fiscal year ending March 31 goods worth 50,000.000 dollars. On this 4,000,000 dollars were colteqted in duties, 54per cent, on sugar or spirits, showing that the major por tion of ’imports from the Dominions consisted of non-competitive or raw products.