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Wednesday, February 27, 1974
567 MILLION DEFICIT FORECAST IN 1974/75 BUDGET
A deficit of more than $67 million is forecast in the draft
Estimates of general revenue and expenditure for the new financial year
starting April 1, 1974.
The new budgeted deficit is based on the 1974/75 estimated
general revenue and expenditure which do not include estimates of the
Hong Kong Housing Authority and the Urban Council, both of which are now
financially autonomous.
If the reimbursements of the Mass Transit Railway Corporati
various revenue proposals the Financial Secretary announced in his
budget speech and other known expenditure commitments are taken into account,
the forecast is for a small surplus of $20 million.
It is estimated that general revenue will continue to grow in
the coring financial year to reach 35,679 million -- $957 million more
than the original 1973/74 estimate.
Most of it will come from internal revenue which is shown in the
draft Estimates to yield $2,331 million. Internal revenue includes earnings
and profits tax, bets and sweeps tax, estate duty and stamp duties.
Land sales are shown to bring in an estimated $459 million,
dutios $485 million, postal services $184 million, airport and air services
$195 million, Kowloon-Canton Railway $372 million, and general rates
$395 million.
/In the
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