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Wednesday, March 1, 1972
He regarded recurrent revenue, which broke through the $3,000
million barrier to reach 3,164 million only a year after total revenue
had done this as one of the most significant features of the revenue
picture in 1971/72.
Revenue from earnings and profits taxes increased by 17 por cont;
Stamp duties due to the 1971 stock market boom increased by no less
than $78 million or 61 per cent; motor vehicle taxes will exceed even
last year's record figure of 339.7 million by 4.3 million as a result
of record registration of some 30,000 new vehicles.
Excise Duties
Mr. Haddon-Cave said that although the yield from excise duties
was up overall by 331 million, it was a little disappointing as regards
hydrocarbon oils, table waters and locally manufactured liquor.
The revenue from rates at 364 million had increased by 728
million on 1970/71 due to higher assessed rateable values for new premises.
Post Office revenue had been disappointing, and at $162 million
represented an increase of less than $2 million on actual revenue in
1970/71.
He said interest earnings this year were expected to be a
remarkable $207 million, a 32 per cent increase on 1970/71.
This was due to the buoyancy of rovenuc collections during the
year and the employment of a relatively higher proportion of Hong
Kong's balances than before in sterling investments which yield more
than local deposits, he added.
"One aspect