Wednesday, March 28, 1973
He also denied that revenue from stamp duties would be reduced despite
This alone, he said, would
the doubling of the duty on share transactions.
bring in an extra $300 million.
In any case, he added, there was little wisdom in assuming that the
stock market was going to maintain its then level of activity.
"We cannot afford to be over-confident on share prices and turnover,
as recent events have indicated," he said.
"Indeed, although revenue from stamp duty on contract notes is
recurrent revenue it has an uncertainty about it similar to some items of
capital revenue."
The Financial Secretary conceded that his estimated revenue from
land sales might be on the conservative side but said there were too many
variables to enable an exact prediction on how much land would be available
for sale in the second half of next year.
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