70.
with these considerations in mind, I am proposing a
package of measures which will reduce Our revenue yields by $1.8 billion in 1988-89, but, more importantly, by $2.7 billion in a full year. As I have indicated, the full year cost is
дет сент equivalent to about 5 of recurrent revenue yields. In 1988-89, these proposals will, therefore, reduce the estimated overall surplus on General Revenue Account from $5.6 billion to $3.8 billion and the overall surplus, when taken together with our funds, from $7.3 billion to $5.5 billion.
71.
5*།
In terms of their impact on the ratio between direct and indirect taxes, my proposals will reduce the direct element
per cent in 1988-89 from what would have been 61
61 of tax revenue to fer cent 60%. Pending the further consideration of new indirect sources, to which I have referred, my proposals are intended merely to contain what is a tendency for the naturally buoyant direct
sources to increase as a share of the whole.
72.
9
I shall now present my revenue proposals.
REVENUE MEASURES
73.
The package is made up of a number of revenue-raising measures designed to yield $390 million in 1988-89, equivalent
to $507 million in a full year.
But this additional revenue is
by tax concessions estimated to cost $2.2 billion in 1988-89, and $3.2 billion in a full year (28).
more
than offset
(28) Details can be found in Appendix F.
34
/Dutiable
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