188
Revised
estimate 1961-62
Estimate 1962-63
Difference
$M
$M
$M
Total Recurrent Revenue
909.4
931.2
+21.8
Internal Revenue (Estate and Excess
Stamp Duties)
19.0
20.0
+1.0
Fees of Court or Office (Repayments of
Loans and Contributions)
1.2
2.6
+ 1.4
Land Sales
86.1
106.0
+19.9
Colonial Development and Welfare Grants
0.4
0.4
World Refugee Year Grants
3.6
2.7
0.9
Loans from U.K. Government
Total Revenue
1,019.7
1,062.5
+42.8
HEAD 1- DUTIES
Estimate 1962-63
Revised estimate 1961-62 Approved estimate 1961-62
Actual revenue 1960-61 ....
$185,800,000
174,750,000
175,600,000
166,993,904
The revised estimate for 1961-62 shows a small decrease of $850,000 compared with the approved estimate due to import duty on tobacco producing slightly less than was expected. The estimate for 1962-63 is, however, $10,200,000 higher than the approved estimate for 1961-62 and, with the exception of duty on tobacco, all subheads share in this increase.
HEAD 2 — RATES
Estimate 1962-63
Revised estimate 1961-62
Approved estimate 1961-62
Actual revenue 1960-61
$128,550,000
116,620,000
115,620,000
100,716,312
Continued building development in the Colony is mainly responsible for the increase in the estimate for 1962-63.
HEAD 3 — INTERNAL REVENUE
Estimate 1962-63
Revised estimate 1961-62
Approved estimate 1961-62
Actual revenue 1960-61 ....
$326,300,000
314,360,000
271,350,000
237,150,260
The revised estimate shows a marked increase of $43,010,000 over the approved estimate for 1961-62. A further increase of $12,000,000 is expected in 1962-63.
The following items are mainly responsible for these increases:-
Subhead
Approved Estimate 1961-62
Revised Estimate
Estimate 1962-63
Earnings and profits tax.........................
$174,500,000
1961-62
$198,000,000
Remarks
Entertainment tax
15,500,000
16,500,000
Estate duty
12,500,000
15,000,000
Stamp duties....
40,500,000
54,000,000
$205,500,000 (a) Improved trading condi-
tions.
(b) General increase in emol-
uments.
(c) Higher rate of bank
interest.
17,000,000 Improved trading conditions
and higher emoluments. 16,000,000 Estates not yet proved indi- cate that an increase is likely.
54,000,000 Improved trading conditions.
Motor vehicles taxes:
(1) Commonwealth prefer-
ence tax
3,250,000
3,360,000
3,900,000
Government Lottery
2,000,000 New subhead.