May 30, 1947 (20th Parliament, 3rd Session)

LIB

Douglas Charles Abbott (Minister of Finance and Receiver General)

Liberal

Mr. ABBOTT:

The answer is yes. As the resolution indicates, the rates in effect for 1947 will be the arithmetical average of the rates existing up to July 1 and the new rates. For example, the rate for the first half of 1947 in the low bracket is 22 per cent. The new starting rate is 10 per cent. The sum of those is 32, and the arithmetical average is 16. The tax payable in the case cited by my hon. friend will be at the appropriate rate for the full year. The bill when it is brought in will contain a special schedule setting forth the effective rate for 1947, which will be a schedule made up of the average of the two rates to which I have just referred.

Topic:   INCOME WAR TAX ACT
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