2. It may add to an extent not exceeding 10 per cent, to the Income
Tax, Death Duties, or Customs Duties other than the duties on beer and
spirits, imposed by the Imperial Parliament.
3. It may levy any new taxes, other than new Customs Duties.
4. It may reduce any tax levied in Ireland, with the exception of
certain Stamp Duties.
The Imperial Treasury will collect the revenue arising from any
increases in taxation enacted by the Irish Parliament in the exercise
of these powers; and an addition will be made to the Transferred Sum of
such amount as the Joint Exchequer Board may determine to be the
produce of the additional taxation. Similarly, if taxation, is reduced
by the Irish Parliament, a deduction will be made from the Transferred
Sum corresponding to the loss of revenue due to the repeal of a tax or
to collection at the lower rates.
The Irish Exchequer will therefore gain or lose by any increase or
decrease in taxation enacted by the Irish Parliament, and the net
revenue of the Imperial Exchequer will remain unaffected by such
changes.
If Excise or Customs Duties are imposed at different rates in Great
Britain and Ireland respectively, provision is made for the adjustment
of the taxes paid in respect of articles passing from one country to
the other.
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