'' (c) The revision of all contracts for war supplies, and the confiscation of excess war profits left unproductive ; '' (d) 1-Ieavy inheritance duties.'' The Fascist achievements are the direct opposite of the programme. (a) The decree law No. 1431 of November 10, 192.2, issued immediately after the accession of the Fascist Government-by way of an immediate return for its supporters-abrogated the law which required the inscription on all securities of the owners·' names; such securities were thus enabled to escape from all control by the taxation authorities. (b) On November 6, 1922, the National-Fascist Under-Secretary of the Treasury declared to the Paris "Journal'' that "The confiscation of war profits must be abrogated"; but as this revenue was a necessity for the budget, only the largest and most obstinate firms were spared-those firms which were the only ones in Italy which had still paid nothing three years after the cessation of the levy. (c) The Minister of Finance has described the levy on capital as "exceedingly stupid"; and he issued circulars directing that the valuations and transactions should be "as equitable, rapid and considerate as · possible" (Riv. Fin. P.S., May, 1922)-that is, of course, for the capitalist taxpayer. (d) The tax on directors and managers of Joint Stock Companies has been halved. (e} The tax on perfumery and jewellery has been halved. (f) Foreign capital invested in Italian industries has been declared exempt from t<i1-xation-by the very people who had protested so loudly against the harmful intrusion of French and German capital. (g) The inheritance duty has been declared a piece Biblioteca Gino Bianco
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