Paper 6 (P.7 of 13)
14-OCT-1992
12:02
FB GS
+ 852 868 5279
P.31
7
し
4. Stamp duty
-
Table D
exceeded
shows that actual yield from stamp duty
the revised estimate by $670 million or 7.5% in 1991-92. The deviation was the largest
in the last five years.
The whole of this increase was due to increased receipts in March 1992 as a result partly of increased stock market turnover and partly of increased level of stamping of
followed
the
greatly
property
designed
to
curb
property
market.
which documents
speculation Neither of these developments
a
in
measure
the domestic
could reasonably have been anticipated.
(111) Control of 'growth'
Given the budgetary
rate
the growth
expenditure
guideline
of maintaining
public
in real terms of
in line with the trend GDP growth
and that the price expenditure public
rate
convert
generally
rises
convert
GDP (i.e.
faster
deflator
used
to
to nominal terms
than that used to
the
GDP deflator), public
expenditure will grow at a faster rate than GDP
in nominal terms.
There is then a choice on
the criteria to control 'growth' :
(i)
to
match the growth rate in nominal terms that of the of public
GDP
expenditure with
as to maintain a steady size of the public sector. This has the effect of reducing the growth rate in real terms to below that of
of public expenditure
the trend GDP growth rate; or