To-day's News.

Star (Christchurch), Issue 8984, 18 July 1907, Page 2

To-day's News.

I COLONIAL INCOME TAX,

THK BRITISH SECOND LEVY. I NO EXEMPTION. i United Press Association— By Electric | Telegraph — Copyright. (Received July 18, 7.58 a.m.) LONDON., July 17. ' In the House of Commons, in con- ; uection with the Finance Bill, Mr Asquith refused to aceppt Mr J. F. Rawlinson's clause exempting income which had already paid income tax in the colonies from assessment in Britain. Mr Asquith said that he went very thoroughly into the matter with Mr Deakin and Dr Jameson at the Imperial Conference, iand he flattered himself that he had succeeded in persuading them that it was quite impossible for the Imperial Government to mako any change in the direction desired. He was unable to agree that any grievance existed with, regard to I individuals. If .any man resided in Britain he. enjoyed the protection of British laws, and it was only fair that he should contribute income tax on his whole income, wheresoever it arose. When a company was substantially controlled and directed in a colony or in a foreign country, income tiax w«6 only payable on part of the profits remitted. Mr Leverton Harris, member for Tower Hamlets, honed that the next Budget would provide that colonial iand foreign companies which did their busihon- in England, thereby competing wiih English companies, should pay inj crime tax. i '