SIXTY PER CENT DUTY

Timaru Herald, Volume CXLVI, Issue 21377, 21 June 1939, Page 7

SIXTY PER CENT DUTY

Excess Arms Profits for Treasury Government Proposals Outlined United Press Association—By Electric Telegraph —Copyright Independent Cable Service (Received June 20, 11.35 p.m.) LONDON, June 20. A White Paper published to-day gives details of the Government's proposals for duty on excess profits on armaments. It will be known as ‘‘armaments profits duty.” and will be charged at the rate of 60 per cent on excess arms profits made in any accounting year after March 31, 1939. The duration of the duty will be three years. The White Paper states that armaments profits duty will be charged on all persons carrying on a trade or business which is declared to be substantially engaged in the supply of armaments. A trader will have to receive not less than £200.000 annually in respect of arms and supplies to make him liable for duty. An allowance of eight per cent, will be made in the case of companies and 10 per cent, for individuals and partnerships for additional capital on existing businesses, or on the whole capital of businesses started after July 1.