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Show CANADA HAS NOVEL EXCESS TAX LAW Eeason to Hope Excess Profits Billings in "United States Will Undergo Clarification. ': l'.CSTOX. Dcr. 121. There is reason ti ho ic th.ii. thrunh ruling or new cnat-lnionta the I'xeess profits tax law, p;n t.ietilvirly as it affects mining i-.oni-pt-nic, will vnuleigo i clarification process. proc-ess. In 1 ho meantime it is interesting io consider how C anada has handled the subject. The Canadian "hnsiness profits war tax" ol' .Miiv IS, litlb. levios a tax of per cent of the amount by which the profits earned in any business exceeded, in the ciise of a business owned by an incorporated company, the rate of 7 per cent per annum, and. in the case of ;i business owned by any other person, the rate of 10 per cent per annum upon ihe capital employed in such business, Uuwever, an amendment passed June x. 1017. materially increases the tax, as 1'nllows-: ''In any business where the said profits exceed lo per cent per annum, the said tax shall be increased to iiO per cent with respect to all profits in excess of the said IT) per cent but not exceed-in exceed-in j; L'U per cent per annum, and where the said profits shall exceed 20 pcT cent per annum the said tax shall be increased in-creased to 75 per cent with respect to all profits in excess of the said -'0 per cent." The act permits the usual deductions for faxes, dividends from other corporations, corpora-tions, etc., and in the case of mining companies provides that the fiuancn minister "when determining the profits derived from mining, shall make an allowance al-lowance for the exhaustion of the mines. : ' |