16
WEDNESDAY, MARCH 2, 1988
IN THE ESTIMATES, PROVISION HAD BEEN MADE 10 TRANSFER $7.4 TO SUPPORT BILLION FROM THE GENERAL REVENUE ACCOUNT TO VARIOUS FUNDS THE ACTIVITIES THEY FINANCED, THE FINANCIAL SECRETARY SAID.
"THE TRANSFERS ARE BROADLY SUFFICIENT TO ENSURE THAT THE TAKEN BALANCES IN THE FUNDS ARE MAINTAINED IN REAL TERMS. I HAVE ALSO INTO ACCOUNT A SWITCH OF CERTAIN ITEMS TO THE CAPITAL WORKS RESERVE FUND 1988-89 WHICH WERE PREVIOUSLY FUNDED FROM GENERAL REVENUE ACCOUNT, MR JACOBS SAID.
H
FROM 15
"OVERALL, AS A RESULT OF THESE ESTIMATES, CONSOLIDATIED ACCOUNT EXPENDITURE AS A PROPORTION OF GDP IS ESTIMATED TO INCREASE PER CENT IN 1987-88 TO AROUND 15.5 PER CENT, HE ADDED.
11 PER CENT GROWTH IN REVENUE
*
FOR
A
THE
HON
TOTAL REVENUE ON GENERAL REVENUE ACCOUNT AND VARIOUS FUNDS THE NEXT FISCAL YEAR IS ESTIMATED TO BE $62.9 BILLION, REPRESENTING GROWTH RATE OF ABOUT 11 PER CENT, THE FINANCIAL SECRETARY, PIERS JACOBS, SAID IN HIS BUDGET SPEECH TODAY (WEDNESDAY).
1988-89 HE SAID REVENUE IN
WOULD STILL BE BENEFITING FROM EXCEPTIONAL OF
ECONOMIC PERFORMANCE IN TWO YEARS
1986 AND 1987 ALTHOUGH HE HAD FORECAST A SLOWDOWN IN ECONOMIC GROWTH.
VEHICLE ARE EXPECTED
"IN PARTICULAR, YIELDS FROM PROFITS TAX, SALARIES TAX, FIRST REGISTRATION TAX AND MANY OF OUR FEES AND CHARGES TO REMAIN BUOYANT.
"THE YIELD FROM RATES WILL BENEFIT FROM THE RECENTLY PROPERTY REVALUATION, MR JACOBS SAID.
11
ANNOUNCED
MARKET
CAUTION ON STAMP DUTY HOWEVER, HE EXPRESSED
TURNOVER RECORDED IN THE FIRST HALF OF EXCEPTIONALLY HIGH AND UNLIKELY TO BE REPEATED IN THE COMING YEAR.
BECAUSE STOCK WAS 1987-88
ON LAND RELATIVELY
"WHILST THE IMPACT OF THE SLOWDOWN IN ECONOMIC GROWTH
AGAIN PRICES IS NOT YET CLEAR, I HAVE
TO USE PREFERRED CONSERVATIVE ASSUMPTIONS AS TO LAND SALE YIELDS," MR JACOBS SAID.
ΤΟ DIRECT
INDIRECT
IN TERMS OF THE PROPORTION OF
TAXES, MR ABOUT JACOBS SAID THE DIRECT ELEMENT WAS FORECAST TO RISE SLIGHTLY TO
ESTIMATE FOR 1987-88 61 PER CENT IN 1988-89, THE COMPARABLE REVISED WAS 58 PER CENT AND THE ACTUAL SHARE FOR 1986-87 WAS 60 PER CENT.
/TAKING THE