274
Revised
Estimate
estimate
Difference
1968-69
1967-68
$M
$M
Total Recurrent Revenue
1,778.5
1,860.1
SM + 81.6
Internal Revenue (estate and excess
stamp duties)
20.5
23.5
+
3.0
Licences and Franchises (Taxi conces-
sions)
25.6
5.0
20.6
Fees of Court or Office (Repayment of
advances, loans)
7.8
7.6
0.2
Land Sales
41.0
40.5
0.5
World Refugee Year Grants
0.4
0.1
0.3
Contributions Towards Projects
3.9
15.5
+ 11.6
Colonial Development and Welfare Grants
Total Capital Revenue
99.2
92.2
-
7.0
Total Revenue
1,877.7
1,952.3
+ 74.6
HEAD 1
DUTIES
Estimate 1968-69
Revised estimate 1967-68
Approved estimate 1967-68
Actual revenue 1966-67
$333,300,000
313,200,000
329,100,000
314,561,260
The revised estimate for 1967-68 falls short of the original approved estimate by $15,900,000. The decrease in revenue is mainly attributable to high drawback payments following improved procedures which accelerated the processing of payments due. Collections of duty on hydrocarbon oils, and intoxicating liquor are close to the estimate although, as a result of increased consumption of domestically brewed beer, there has been some small decline in revenue from locally manufactured Chinese type liquor. As a result of increased consumption during the summer, there has been a marked increased in duty collected on table water.
The estimate for 1968-69 anticipates an overall increase in revenue collection under this Head of $20,100,000 over the revised figure for 1967-68, representing a normal expansion in consumption of duti- able commodities.
11
Estimate 1968-69
Revised estimate 1967-68 Approved estimate 1967-68
Actual revenue 1966-67
HEAD 2 — RATES
$300,200,000
282,400,000
278,000,000
247,655,673
The revised estimate for 1967-68 shows a slight increase of $4,400,000 as a result of increased interim valuation work which progressed satisfactorily through the year. A small increase only in revenue in 1968-69 is budgetted for since progress on interim valuation work will to some extent be hampered by the general revaluation of tenements which will be undertaken during the year. Little additional revenue is expected to be derived from new development.
P
HEAD 3 · INTERNAL REVENUE
Estimate 1968-69
Revised estimate 1967-68
Approved estimate 1967-68
Actual revenue 1966-67
$628,300,000
622,100,000
605,500,000
605,630,300
The revised estimate for 1967-68 shows an increase of $16,600,000 over the approved estimate for the year.
This increase is largely derived from salaries tax. The general increase in salary levels since 1965 has resulted in the number of persons liable to this tax being more than doubled. It is now expected to produce an additional $25 million to $30 million during the year. Property, interest, personal assess- ment and profit taxes are also expected to show small increases on the original estimates. These increases will be offset to some extent by a reduction of $5 million in revenue from bets and sweeps tax since fewer race meetings are being held in 1967-68; by $5 million from estate duty as a result of more exemption cases being filed; and by $8 million under stamp duties as a result of a reduction in the rates of duty and the de- crease in property transactions during the year.
The estimate for 1968-69 is set at $6.2 million above the revised estimate in anticipation of an improvement in bets and sweeps tax and estate duty collections, and of a continued, enhanced return from salaries tax.
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