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SATURDAY, DECEMBER 9, 1978
OVER $4,300 MILLION IN TAXES COLLECTED LAST FINANCIAL YEAR
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THE INLAND REVENUE DEPARTMENT COLLECTED $4,371.8 MILLION IN REVENUE DURING THE LAST FINANCIAL YEAR, REPRESENTING AN INCREASE OF MORE THAN $827.8 MILLION OR 23.4 PER CENT OVER THE PREVIOUS YEAR
ACCORDING TO FIGURES RELEASED BY THE DEPARTMENT TODAY (SATURDAY), THE BIGGEST PROPORTION OF REVENUE COLLECTED CAME FROM EARNINGS AND PROFITS TAX WHICH TOTALLED $3,357.2 MILLION FOR THE YEAR. THIS REPRESENTED AN INCREASE OF $658.5 MILLION OR 24.4 PER CENT OVER THE PREVIOUS YEAR,
OTHER MAJOR SOURCES OF REVENUE WERE: ESTATE DUTY ($109.7 MILLION), STAMP DUTY ($490 MILLION), ENTERTAINMENT TAX ($26.5 MILLION), BETTING DUTY ($336.3 MILLION), BUSINESS, REGISTRATION FEES ($32.7 MILLION) AND HOTEL ACCOMMODATION TAX ($19.4 MILLION).
THE NUMBER OF ACTIVE FILES FOR PEOPLE LIABLE TO SALARIES TAX ON MARCH 31, 1978 STOOD AT 293,573 REPRESENTING AN INCREASE OVER THE PREVIOUS YEAR OF 6.9 PER CENT, COMPARED WITH A 22 PER CENT INCREASE IN 1976-77.
A SPOKESMAN FOR THE DEPARTMENT EXPLAINED TODAY THAT THE LOWER RATE OF INCREASE WAS DUE TO THE SUPPLEMENTARY PERSONAL ALLOWANCES AND THE INCREASE IN CHILD ALLOWANCES WHICH WERE REFLECTED FOR THE FIRST TIME IN THE 1976-77 FINAL ASSESSMENTS.
+ THE EFFECT OF THIS INCREASE IN PERSONAL ALLOWANCES WAS TO REMOVE SOME TAXPAYERS FROM, AND KEEP OTHER TAXPAYERS OUTSIDE, THE TAX NET, THE SPOKESMAN ADDED.
THE SPOKESMAN POINTED OUT THAT THE INTRODUCTION OF THE INCREASED ALLOWANCES ALSO ACCOUNTED FOR THE LARGE NUMBER (39,936) OF REFUNDS MADE DURING THE YEAR IN RESPECT OF SALARIES TAX, INVOLVING MORE THAN $14.1 MILLION. THERE WERE 11,337 REFUNDS AMOUNTING TO $8.3 MILLION DURING THE PREVIOUS YEAR.
THE NUMBER OF SALARIES TAXPAYERS HAVING AN INCOME OF NOT MORE THAN $3,000 PER MONTH ALSO DROPPED FROM 72.4 PER CENT IN 1976-77 TO 63.33 PER CENT IN 1977-78.
THE SPOKESMAN ATTRIBUTED THE DECLINE TO THE EXTRA ALLOWANCES AS WELL AS THE INCREASES IN INCOME WHICH MOVED TAXPAYERS OUT INTO HIGHER INCOME GROUPINGS.
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