WEDNESDAY, FEBRUARY 27, 1980
13
TOTAL REVENUE TO RISE TO $21 428N
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TOTAL REVENUE COLLECTIONS FOR THE COMING FINANCIAL YEAR, AFTER ADJUSTMENTS ON CAPITAL ACCOUNT, WILL BE $21 428 MILLION, REPRESENTING AN INCREASE OF $4 878 MILLION, OR 29 PER CENT, OVER THE REVISED ESTIMATE FOR 1979-80.
THE FINANCIAL SECRETARY, THE HON SIR PHILIP HADDON-CAVE, SAID TODAY (WEDNESDAY) THAT OF THE TOTAL COLLECTIONS, $14 798 MILLION WOULD BE RECURRENT REVENUE, AN INCREASE OF $1 584 MILLION, OR 12 PER CENT, OVER THE REVISED ESTIMATE FOR 1979-80.
HE SAID EARNINGS AND PROF ITS TAXES ACCOUNTED FOR $6 920 MILLION, OR 47 PER CENT, OF RECURRENT REVENUE, REPRESENTING AN
OR INCREASE OF 18 PER CENT ON THE REVISED ESTIMATE FOR 1979-80 43 PER CENT UP ON ACTUAL COLLECTIONS IN THAT YEAR. SUCH HAS BEEN THE GROWTH RATE OF MONEY INCOMES IN RECENT YEARS, PARTICULARLY IN THE BANKING AND PROPERTY SECTORS, SAID SIR PHILIP.
SIR PHILIP ESTIMATED $1 700 MILLION FROM SALARY TAX, AN INCREASE OF 32 PER CENT ON THE REVISED ESTIMATE FOR 1979-80- $750 MILLION FROM STAMP DUTIES, $50 MILLION LESS THAN THE REVISED ESTIMATE FOR 1979-80- $720 MILLION FROM BETS AND SWEEPS TAXES, UP 12.5 PER CENT $942 MILLION FROM DUTIABLE COMMODITIES, UP BY SIX PER CENT ON THE REVISED ESTIMATE FOR 1979-80.
THE FINANCIAL SECRETARY PREDICTED A CAPITAL REVENUE OF $6 630 MILLION FOR THE NEXT FINANCIAL YEAR, AN INCREASE OF 99 PER CENT OVER THE REVISED ESTIMATE FOR 1979-80.
LAND TRANSACTIONS, WHICH INCLUDE THE SALE OF 197 ACRES OF LAND IN THE NEXT FINANCIAL YEAR, AS WELL AS PRIVATE TREATY GRANTS, MODIFICATIONS AND REBRANTS, CONTRIBUTE $6 169 MILLION TO THE STAGGERING ESTIMATE, COMPARED WITH A MODEST $275 MILLION FROM TAXI CONCESSIONS AND A MERE $170 MILLION FROM ESTATE DUTY.
'STARTLING' RISE IN TOTAL EXPENDITURE
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TOTAL EXPENDITURE IN THE GOVERNMENT DRAFT ESTIMATES FOR THE NEXT FINANCIAL YEAR IS $18 028 MILLION, REPRESENTING A +STARTLING+ INCREASE OF $3 796 MILLION OR 27 PER CENT ON THE REVISED ESTIMATE FOR 1979-80, THE FINANCIAL SECRETARY, SIR PHILIP HADDON-CAVE, DISCLOSED IN HIS BUDGET TODAY.
THIS INCREASE, HE POINTED OUT, WAS MORE THAN TOTAL EXPENDITURE IN 1972-73.
THE PROVISION FOR CAPITAL EXPENDITURE IS $7 326 MILLION.
AN INCREASE OF $2 175 MILLION, OR 42 PER CENT, ON THE REVISED ESTIMATE FOR 1979-80. THAT FOR EXPENDITURE ON RECURRENT SERVICES IS $10 702 MILLION, AN INCREASE OF $1 621 MILLION, OR 18 PER CENT.
INCLUDED IN