18
WEDNESDAY, MARCH 1, 1989
ESTIMATED WAS REVENUE ACCRUING TO THE VARIOUS FUNDS BILLION AN INCREASE OF ABOUT 13 PER CENT OVER LAST YEAR LARGELY ACCOUNTED FOR BY REVENUE FROM EXPECTED LAND SALES.
—
COMBINED REVENUE ON
GENERAL
AT $7.8 WHICH WAS
REVENUE ACCOUNT
AN INCREASE OF
AND THE FUNDS 13 PER CENT
WOULD THEREFORE BE ABOUT $81.2 BILLION OVER 1988-89.
то
EXPLAINING THAT TAX REVENUES WOULD CONTINUE KONG'S RECENT ECONOMIC PERFORMANCE, MR JACOBS PREDICTED WOULD REMAIN BUOYANT NEXT YEAR DESPITE THE SLOW DOWN IN ECONOMIC GROWTH WILLCH HE HAD FORECAST.
REFLECT HONG THAT REVENUE THE RATE OF
REVENUE-RAISING MEASURES OUTLINED
* * * * *
YEAR AHEAD, THERE ARE COMPATIBLE WITH THE SECRETARY, THE HON PIERS HIS BUDGET TO THE LEGISLATIVE COUNCIL
DESPITE THE LARGE FORECAST SURPLUS FOR THE IS A NEED TO ENSURE THAT REVENUE PROPOSALS OVERALL ECONOMIC SITUATION, THE FINANCIAL JACOBS, SAID IN PRESENTING TODAY (WEDNESDAY).
INCLUDED A PROPOSALS MR JACOBS SAID HIS
WHICH WOULD YIELD SOME $550 REVENUE-RAISING MEASURES 1989-90, EQUIVALENT TO $620 MILLION IN A FULL YEAR.
NUMBER MILLION
OF
IN
CONCESSIONS
FULL
THE ADDITIONAL REVENUE WAS MORE THAN OFFSET BY TAX ESTIMATED TO COST $1.1 BILLION IN 1989-90, AND $1.7 BILLION IN A YEAR.
THE
REVENUE OVERALL
ON GENERAL "THE EFFECT WILL BE TO REDUCE THE SURPLUS ACCOUNT IN 1989-90 FROM $3.4 BILLION TO $2.8 BILLION AND
HE EXPLAINED. SURPLUS FROM $12.1 BILLION TO $11.5 BILLION,
DUTIABLE COMMODITIES
||
BE
IN
REAL
REMAINED TERMS
BY
MR JACOBS SAID THE PRINCIPLE UNDERLYING HIS PROPOSALS
SHOULD
MAINTAINED RATES THAT SPECIFIC DUTY REGULAR SMALL ADJUSTMENTS.
THE
DUTY
WERE ALL REVISED
RATES ON
YEAR. TO LAST
HYDROCARBON
OILS, LIQUOR
MAINTAIN
THE
AND TOBACCO HE REVENUE YIELD, COMMODITIES BROADLY IN
PROPOSED TO INCREASE THE DUTY RATES ON THESE LINE WITH INFLATION.
AS
INFLATIONARY
PRESSURES,
BE CRITICISED HE SAID HE WAS AWARE THAT THESE INCREASES MIGHT
BUT THE DANGER OF NOT то ADDING MAINTAINING SPECIFIC DUTY RATES WAS SIMPLY MUCH LARGER INCREASES AT LATER DATE.
A
/IMPORTED HYDROCARBON