asked the Chancellor of the Exchequer whether an offer was made by the United States Government of a reciprocal arrangement in the matter of Income Tax on shipping; and whether such an offer will be accepted?
§ Mr. BALDWIN
I assume that the hon. Member is referring to a provision contained in the United States Internal Revenue Act of 1921, under which exemption from taxation is extended to the profits earned in the United States by shipping of a foreign country which grants an equivalent exemption to United States shipping. With regard to the general question of the taxation of foreign shipping, I cannot usefully add anything to the reply which I gave to the hon. Member on the 28th February.