PRIVATE LIMITED COMPANIES (Profits)

Mr D. S. Marshall asked the Financial Secretary how many of the 1,344 private limited companies registered in Singapore made a profit exceeding 10 per cent of their paid-up capital in 1955, and the aggregate total of such excess profit.

Mr T. M. Hart: Sir, I regret that I am not in a position to give the hon. Member the information which he seeks. The collection of this information would be a very formidable task. The files relating to 1,344 private companies would have to be examined, and, in many cases, additional information would have to be obtained from the companies themselves. This would mean that senior and subordinate staff in the Income Tax Department would have to be taken off the more important business of assessment and collection of tax for a considerable period, and I am not prepared to give instructions that this should be done.

Mr Marshall: Does the Financial Secretary not agree that this information is vital on any decision as to whether there is an excess profits tax or no, and how can he advise the Government on that very important factor if he has not got the information?

Mr Hart: Sir, I have nothing to add to the reply which I have already given.