EXCESS PROFITS TAX
TO BE WITHDRAWN
A RESTRICTION TO ENTERPRISE-
STATEMENT BY CHANCELLOR
(Australian and N.Z. Cable Assn.) Received February i, 8.5 p.m. LONDON. February 3.
Mr Austen Chamberlain, Chancellor of the Exchequer, spcafiing at Birmingham, announced the withdrawal of the excess profits duty. lie said it was very unusual to make a statement upon the Budget so long before its delivery, ami only the abnormal conditions would justify such action. There were many objections to the tax, which had a tendency to encourage extravagance and restrict enterprise. Now the war conditions had passed the tax hit new businesses struggling to pay their way.
"We have come to the conclusion that we can afford not to renew the tax, and shall not exact it after it has iun its normal course. All businesses except those begun since the war will pay the tax for a period of seven years, dating from the first accountancy period. The lax will cease on December 31, 1020, in the case of all new businesses."
It was not, he continued, intended to impose new taxes to replace the excess profits tax, though there might be new duties dealing with dumped goods and depreciated exchanges.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/WT19210205.2.33
Bibliographic details
Waikato Times, Volume 94, Issue 14584, 5 February 1921, Page 5
Word Count
199EXCESS PROFITS TAX Waikato Times, Volume 94, Issue 14584, 5 February 1921, Page 5
Using This Item
Stuff Ltd is the copyright owner for the Waikato Times. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in