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stocks have now been made up to the pre-war level and even
a slight slump would adversely affect consumption.
6.
The receipts from the restaurant meals tax have
so far been disappointing and it is clear that evasion is being practised on a large scale. The Chinese members of the Taxation Committee were hopeful that the revenue produced would be in the neighbourhood of $15,000,000 but so far the yield has been at the rate of approximately $3,000,000 per annum. New regulations have recently been issued in an attempt to curb evasion and it is hoped that
some improvement will result. Nevertheless, a yield of only $3,000,000 has been allowed for in the revenue
estimates. The similar tax which has been imposed on bills in dance halls has not been in operation for a
sufficient period to enable any accurate opinion on the yield to be formed. A figure of $200,000 has been allowed for in the estimate of revenue and experience may show
that this is on the low side.
77.
The tax on the increment in the value of property produced $1,104,201 for the few months during which it was in operation in the financial year 1946/47. The number of properties changing hands is likely to decrease from now on, and only a revenue of $1,000,000 from this source has been allowed for during the year 1947/48.
8.
A token sum of sixteen million has also been included in the revenue estimate for the current year in respect of receipts from the new Earnings and Profits Tax. At the time when the Estimates were introduced no decision- had been reached in regard to the standard rate of tax and the Bill was not altogether in its final form. In 1941 the yield from a similar form of taxation was estimated