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Wednesday, 17 December 1941

Senator KEANE (Victoria) (Minister for Trade and Customs) . - I move -

That the bill be now read a second time.

I have already explained the Government's proposals generally for the raising of an additional £12,000,000 of revenue during the current financial year. This bill will give effect to the second part of those proposals, namely, the increase of the normal company rate of tax from 3s. in the £1, as is now provided, to 4s. in the £1. The additional1s. will, it is estimated, increase revenue from this source for a full assessment year by £4.500,000, but it will produce only £4,000,000 during the balance of the current financial year. With this addition, the estimated total yield from the ordinary income tax imposed on companies for a full assessment year is £18,300,000. Of this total, it is expected that £16,800,000 will be collected before the 30th June, 1942.

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