Helping Britain’s War Finance

Manawatu Times, Volume 66, Issue 2, 3 January 1941, Page 6

Helping Britain’s War Finance

SPECIAL TAXATION IN STRAITS SETTLEMENT (British Official Wireless.) Received Thursday, 9.20 p.m. RUGBY, Jan. 1. The Prime Minister has received from Prince Bernhardt of the Netherlands £IOOO subscribed by the people of Balik Papan as a birthday gift. The sum has been added to others already subscribed by the Netherlands East Indies for the purchase of a Spitfire. The Minister of Aircraft Production lias also received through Prince Bernhardt £IOOO from the ladies of Curacao. A draft Bill to be introduced in the Straits Seetlement Council this month will impose direct taxation on incomes of individuals, associations and companies estimated to produce 20,000,000 dollars during the year as an increased contribution to the Imperial Exchequer for the prosecution of the war. The tax will be on a gradual scale from 2 per cent, on incomes of 4800 dollars to 8 per cent, on incomes over 20,000 dollars. The legislation is being enacted for one year only and is subject to yearly renewal for the duration of the war. Important exemptions include all profits derived from the production of rubber and tin, but the special export duties of 2$ per cent, imposed on these commodities from April, 1940, are to be raised as a substitute for income tax.