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WEDNESDAY, FEBRUARY 23, 1983
$29.3 BILLION ESTIMATED REVENUE FOR 1983-84
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THE GOVERNMENT HOPES TO COLLECT $29.3 BILLION IN REVENUE IN 1983-84 WITH SMALL INCREASES FROM INDIRECT TAXES, MAINLY FROM THE YIELD FROM GENERAL RATE. DUTIES AND MOTOR VEHICLE TAXES, THE FINANCIAL SECRETARY, THE HON JOHN BREMRIDGE, SAID AT THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
THE REVENUE ESTIMATES COMPRISE $25.7 BILLION IN RECURRENT REVENUE AND $3.6 BILLION IN CAPITAL REVENUE, MR BREMRIDGE SAID IN PRESENTING THE 1983-84 BUDGET.
POINTING OUT THAT THE ESTIMATED RECURRENT REVENUE WAS ONLY $507 MILLION HIGHER THAN THE REVISED ESTIMATE FOR 1982-83, MR BREMRIDGE SAID HE EXPECTED EARNINGS AND PROFITS TAX TO YIELD $12 BILLION THE SAME AS THE REVISED 1982-83 ESTIMATE.
+AT $5.6 BILLION, INDIRECT TAXES ARE ESTIMATED TO BE $306 MILLION HIGHER THAN THE REVISED ESTIMATES. FOR ALL OTHER RECURRENT REVENUE I AM ANTICIPATING A YIELD OF $8.1 BILLION, OR ONLY $236 MILLION HIGHER THAN THE REVISED ESTIMATES,+ HE SAID.
MR BREMRIDGE EXPECTS REVENUE FROM PROPERTIES AND INVESTMENTS TO BE $437 MILLION LOWER THAN THE REVISED ESTIMATE BECAUSE OF THE DECREASE IN THE GENERAL REVENUE BALANCE, BUT I EXPECT ALL OTHER COMPONENTS TO YIELD $673 MILLION MORE THAN THE REVISED ESTIMATE, OF WHICH $304 MILLION WILL COME FROM FEES AND CHARGES.+
ON FEES AND CHARGES FOR THE SERVICES PROVIDED BY THE GOVERNMENT, AND IN PARTICULAR THE PUBLIC UTILITY-TYPE UNDERTAKINGS RUNNING ON A QUASI-COMMERCIAL BASIS, HE SAID IT WAS IMPORTANT TO OBSERVE THE NO-SUBSIDY PRINCIPLE, UNLESS A POSITIVE POLICY DECISION WAS TAKEN TO SUBSIDISE.
+WE HAVE AN ON-GOING EXERCISE TO KEEP FEES AND CHARGES UP TO DATE, WHICH WILL CONTINUE DURING 1983-84. WHERE JUSTIFIED BY RISING COSTS, PROPOSALS FOR INCREASES IN FEES AND CHARGES WILL BE MADE DURING THE YEAR THE ESTIMATE OF TOTAL RECURRENT REVENUE DOES NOT ANTICIPATE THESE INCREASES,+ HE SAID.
MR BREMRIDGE POINTED OUT THAT THE ESTIMATE OF CAPITAL REVENUE AT $3.6 BILLION REFLECTED THE CURRENT DEPRESSED STATE OF THE PROPERTY MARKET.
HE EXPECTED A REVENUE OF $3 BILLION FOR 1983-84 LAND TRANSACTIONS COMPARED WITH THE REVISED 1982-83 ESTIMATE OF 34.6 BILLION AND THE ACTUAL REVENUE OF $9.7 BILLION FOR 1981-82.
+THE YIELD FROM LAND TRANSACTIONS HAS ALWAYS BEEN DIFFICULT TO ESTIMATE WITH ANY DEGREE OF ACCURACY. IN THE PRESENT STATE OF THE PROPERTY MARKET IT REQUIRES A CRYSTAL BALL, + MR BREMRIDGE SAID.
/HE ADDED: