Registered Companies, Malaya (Taxation).

Oral Answers to Questions — National Finance. – in the House of Commons on 26th March 1942.

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Colonel Arthur Evans:

asked the Chancellor of the Exchequer, what is the position of British registered companies in Malaya with regard to Excess Profits Tax payments they have already made; and whether, as a result of the enemy occupation of this territory, such companies will be permitted to recover if they can snow that they have incurred a deficiency in consequence, or whether they will be treated as having ceased business?

Photo of Mr Robert Morgan Mr Robert Morgan , Stourbridge

asked the Chancellor of the Exchequer what arrangements will be made to adjust the Income Tax assessment on British registered companies in Malaya whose property has now fallen into enemy hands?

Photo of Captain Harry Crookshank Captain Harry Crookshank , Gainsborough

If the companies in question continue in being with the intention of resuming operations in Malaya when circumstances permit, they will not be treated as having ceased business but will be treated for taxation purposes as still carrying on trade. As regards Excess Profits Tax, therefore, they will be able to avail themselves of the provisions under which deficiencies can be set-off against Excess Profits Tax already paid, while as regards Income Tax they will continue to be assessable on the basis of the preceding year's profits.