DOUBLE INCOME TAX.
Not the least interesting point in the speech of Lord Luke, delivered at the recent annual meeting of Bovril, was the reference he made to the question of double Income Tax. After referring to the general recognition of the .fact that our export trade had been adversely affected by high costs of pro- duction, he said there was not the same recognition of the manner in which our investments abroad were becoming de- nationalized. He pointed out that a Company registered here had to pay not only the taxes of the country in which operations were actually carried on, but also the taxes of Great Britain. Lord Luke said that great concerns operating abroad were gradually being transferred to Companies regis- tered in the countries in which they carried on business, thus saving English taxation on their reserves, on depreciation, and in fact on everything excepting the dividends remitted to shareholders who happened to live in Great Britain.
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