EXCESS PROFITS TAX

Timaru Herald, Volume CXLVIII, Issue 21822, 27 November 1940, Page 6

EXCESS PROFITS TAX

No Hardship Intended MR SULLIVAN’S ASSURANCE By Telegraph—Press AssoclaMon CHRISTCHURCH, November 26. The annual conference of the New Zealand Manufacturers’ Federation opened at Hanmer Springs to-day, Mr C. V. Smith presiding. The conference was officially opened by the Hon. D. G. Sullivan, Minister of Industries and Commerce, who discussed the expansion of industries and praised the manufacturers for the progress made. Mr Sullivan Invited manufacturers to meet him and Mr Nash in conference on the position of the manufacturing industries as affected by the Excess Profits Tax. “I know some of you are exercised over the operation of the Excess Profits Tax and fear you will be unfairly taxed,” Mr Sullivan said. “Nothing is further from the mind of the Government. We are anxious that the legislation shall not be administered in a way that is going to restrict or retard ' either the extension and development ; or existing industries or the creation and successful establishment of new industries in future. That sacrifices ' are necessary will not be gainsaid, but the creation of unnecessary hardship ! is not the desire of anyone." Mr Sullivan said the Government 1 had to find £40.000.000 for financing the war next year, half of which must ■ be found locally and the remainder • advanced by the Imperial Government. [ “The most important job at the 1 moment is to get money to carry on 1 the war. I have discussed the question ' with Mr Nash and he agrees with me ! that the legislation shall not be ad- ■ ministered in a way that is capable of - restricting or paralysing the develonment of Industry. The committee ! which has been set up to review the ' decisions of the Commissioner of Taxes ’ will be open to anyone on any grounds, 1 but in the meantime I invite your ■ executive to send a delegation to meet • Mr Nash and me early in January to 1 discuss the whole question of the tax ’! affecting New Zealand industries, and 1 thresh the matter out from beginning ■ to end. I think I can give you an assurance now that if the Government 1 cannot show that industry will be able to carry on successfully in spite of the operation of the tax, then steps will be , taken to alter the position in fairness : to manufacturers.”