§ Mr. FORRESTasked the Chancellor of the Exchequer whether he can give the amounts of any refunds which have been made up to the present under the Excess Profits Duty proposals?
Mr. CHAMBERLAINThe total amount of Excess Profits Duty (including Munitions Exchequer Payments) repaid since the introduction of the tax is £27,564,524.
Mr. TERRELLasked the Chancellor of the Exchequer if his attention has been called to the importation of German goods to the value of £17,000,000 during the present year; whether, in consequence of the state of the exchange, persons engaged in such importation are able to make vast profits: and what steps ha is taking to make such profits liable to Excess Profits Duty or otherwise to contribute towards the national revenue?
Mr. CHAMBERLAINI am aware of the circumstances to which my hon. Friend refers. The Income Tax Acts, the principles of which apply also to Excess Profits Duty, provide for the taxation of profits arising from any business carried on in this country, whether by a resident or by a branch or agency on behalf of a non-resident. As regards the latter case, I would refer my hon. Friend to the provisions which were enacted in 1915 and now appear in the General Rules applicable to all Schedules of the Income Tax Act, 1918.