Shanghai British Chamber's "Journal" Comments on Discriminatory and Excessive Charges To the principle of the collection of revenue by means of stamp taxes on certain specified documents, there can be but litle objection provided that the taxes are reasonable amount and applied universally without discrimination and that they do not affect an excessive number of documents o> commercial papers. Tt will be generally conceded that Subject to the conditions just mentioned, "stamp taxes" are probably one of the least objectionable forma lof taxation, says the "Journal" of the Tocal British Chamber of Commerce.
'A study of the Stamp Tax Law, recently promulgated by the National Government and made effective on September 1, 1985, shows that in some eases the tax is excessive, in others discriminatory and, moreover, various classifications cover too' great a variety of documents, Inasmuch as Government enter= prises are exempted in some cases from the application of the tax which has to be paid by private enterprises of a similar character, is obvious that " the discrimination thus shown in favour of the Govern: ment enterprises must result either in reducing the earning capacity of the private concerns should they pay the tax themselves, or in driving the business to the Government contralled enterprises should the attempt be made to pass on the charge to their clients, trade, while the machinery required make the law fully effective would be both cumbersome and expensive.
Text read from the printed page and cleaned; old type leaves the occasional error.