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Wednesday, 20 May 1970

Mr SINCLAIR (New England) (Minister for Shipping and Transport) (1:22 AM) - In terms of the Corporation being subject to taxation, as I understand the withholding tax process it is not in fact levied against the Corporation; but it would be levied against the receipts of funds remitted. Withholding tax would be applied in the same way to funds returned and remitted overseas in the instance of this Corporation as with any other borrower, lt would be in general subject to a withholding tax. The honourable member for Casey (Mr Howson) also referred to exchange control. The Corporation would, of course, be subject to the same measure of exchange control' as any other organisation in a similar position.

Remainder of Bill agreed to.

Bill, as amended, agreed to.

Bill reported with amendments; report - by leave - adopted.

Third reading

Bill (on motion by Mr Sinclair) - by leave - read a third time.

House adjourned at .1.24 a.m. (Thursday)

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