ARMAMENT PROFITS
PROVISION FOR TAXATION MR. CHAMBERLAIN'S STATEMENT British Wireless LONDON, Jtino 13 Further measures to limit profits of firms engaged in armament manufacture were announced by Mr. Chamberlain in the House of C orntilons - He recalled his undertaking at the time he announced the introduction of conscription that the matter of arms profits would also be considered.
Mr. Chamberlain said that a provision contained in the Ministry of Supply Bill, together with procedure governing ordinary , contracts, • revised ns it had been from time to time to take account of changing conditions, went far in the direction of preventing excessive profits. The Government felt, however, that there might be cases where, in particular by reason of large increases in turnover, further measures of limitation were called for, and it therefore proposed to include in the Finance Bill provisions for a tax on concerns engaged on a large scale on armament work in respect of any excess profits arising from that work.
A memorandum explanatory to the proposals will be issued with the_ necessary ways and means resolution on Monday.
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Bibliographic details
New Zealand Herald, Volume LXXVI, Issue 23375, 17 June 1939, Page 15
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179ARMAMENT PROFITS New Zealand Herald, Volume LXXVI, Issue 23375, 17 June 1939, Page 15
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