12
On the other hand, I consider that-as distinct from Business Profits Tax- Property Tax and Corporation Profits Tax, which incidentally are the only forms of taxation in the War Revenue Bill by which my firm will be affected. are justifiable for the duration of the war.
14th February, 1940.
(Sd) LAWRENCE KADOORIE.
Reservation by Mr. T. Black.
I have signed this Report because of my adherence to the principle that this Colony should contribute to His Majesty's Government's endeavours to defeat the enemy. I am, however, unable to subscribe to the views expressed or implied in paragraph 11 of Chapter II that the taxation measure now recommended by the Committee removes the grounds for the apprehensions described in paragraph 10.
Inequitable incidence is inherent in the Bill itself apart from what may arise in the course of its administration.
In my judgment the provisions for Corporation Profits Tax and Business Profits Tax present opportunities for widespread evasion and avoidance which would be impossible under a general income tax ordinance.
The scheme to tax only profits "made in the Colony" as opposed to the general income tax plan with its provisions for relief in cases of double taxation can only be productive of immense administrative difficulties and a mass of litigation.
14th February, 1940.
(N.) T. BLACK,