WEDNESDAY, FEBRUARY 24, 1982
18
+1 AM ASSUMING THAT TOTAL PROFITS ASSESSABLE TO PROFITS TAX IN 1982-83 WILL BE AROUND 20 PER CENT HIGHER THAN PROFITS ASSESSED TO TAX IN 1981-82, AND THAT THERE WILL BE LITTLE CHANGE IN HOLD-OVER ORDERS, SO PROVIDING A YIELD OF $8.5 BILLION, MR BREMRIDGE SAID.
SALARIES TAX ESTIMATED AT $2.2 BILLION WOULD BE 20 PER CENT HIGHER THAN THIS YEAR'S REVISED ESTIMATE AND WOULD TAKE INTO ACCOUNT THE NUMBER OF TAXPAYERS COMING INTO THE TAX NET AND HIGHER EARNINGS.
EXPECTING HIGHISH+ INTEREST RATES, MR BREMRIDGE ESTIMATED $950 MILLION OUT OF INTEREST TAX AND $840 MILLION IN PROPERTY TAX, TAKING INTO ACCOUNT THE NEW ASSESSABLE VALUES AND ASSUMING A MODERATE GROWTH IN PROPERTIES CHARGEABLE TO TAX.
BUT INDIRECT TAXATION AT $5.5 BILLION WOULD BE $646 MILLION OR 10 PER CENT LESS THAN THIS YEAR'S REVISED ESTIMATE OF $6.2 BILLION.
MR BREMRIDGE STATED TWO REASONS FOR THIS:
* THE EXPECTED YIELD FROM GENERAL RATES IS ONLY $691 MILLION
FOLLOWING THE RECENT DECISION TO REDUCE THE PERCENTAGE CHARGE ON THE URBAN AREAS FROM 7-1/2 PER CENT TO 3-1/2 PER CENT, AND TO DOUBLE THE PERCENTAGE CHARGE FOR URBAN COUNCIL RATES FROM FOUR PER CENT TO EIGHT PER CENT. +THIS HAS MEANT A REDUCTION IN THE YIELD FROM GENERAL RATES. AND A CORRESPONDING INCREASE IN THE YIELD FROM URBAN COUNCIL RATES OF $459 MILLION IN 1982-83, HE EXPLAINED.
*
$1.7 BILLION FROM STAMP DUTIES, A REDUCTION OF $495 MILLION OR 22 PER CENT ON THIS YEAR'S REVISED ESTIMATE.
HE SAID THIS SEEMED PRUDENT BECAUSE THE LATTER WAS NO LESS THAN 96 PER CENT HIGHER THAN THE ORIGINAL ESTIMATE, DUE TO THE TURNOVER RECORDED ON THE STOCK EXCHANGES LAST YEAR.
ESTIMATING A YIELD OF $8.6 BILLION FROM ALL OTHER RECURRENT REVENUE, MR BREMRIDGE FORECAST $12.6 BILLION FROM CAPITAL REVENUE, AN INCREASE OF $2.2 BILLION OR 21 PER CENT ON THE 1981-82 REVISED ESTIMATE.
HE SAID LAND TRANSACTIONS WERE EXPECTED TO BRING IN $12.5 BILLION OUT OF THE TOTAL CAPITAL REVENUE AND WOULD COMPRISE $9.2 BILLION FROM THE SALE OF 91 HECTARES OF LAND, $2.5 BILLION FROM PRIVATE TREATY GRANTS AND $691 MILLION FROM MODIFICATIONS AND RE-GRANTS.
+THE CONTINUED EXPANSION OF THE LAND SALES PROGRAMME BY PUBLIC AUCTION AND TENDER FROM 63 HECTARES IN 1980-81 AND 86 HECTARES IN 1981-82 TO 91 HECTARES IN 1982-83 UNDERLINES THE GOVERNMENT'S DETERMINATION TO DISPOSE OF LAND AT A FAIR MARKET PRICE FOR DEVELOPMENT AS SOON AS IT IS AVAILABLE, EVEN DURING A PERIOD WHEN PRICES ARE FALLING, HE SAID.
THE INCREASED