WEDNESDAY, MARCH 3, 1993
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"PREPARING THE NECESSARY LEGISLATION HAS UNFORTUNATELY PROVED TO BE A COMPLEX TASK. WE NEED TO ENSURE THAT ALL VEHICLE IMPORTERS CAN OPERATE ON A LEVEL PLAYING FIELD BUT ALSO THAT THERE ARE NO SIGNIFICANT INCREASES IN THE AVERAGE PRICE OF ORDINARY MOTOR VEHICLES.
"WE ARE NOW APPROACHING THE FINAL STAGES OF THIS EXERCISE, AND I INTEND TO INTRODUCE AN AMENDMENT BILL INTO THIS COUNCIL WITHIN THIS LEGISLATIVE SESSION, HE SAID.
די
FOR
THAT
MR MACLEOD SAID APART FROM RESTRICTING THE POTENTIAL TAX AVOIDANCE AND EVASION THROUGH LEGISLATION, WE MUST MAKE SURE DEPARTMENTS CONCERNED HAD ADEQUATE RESOURCES TO ENFORCE THE LAW AND THAT THESE RESOURCES WERE EFFECTIVELY DEPLOYED.
"THE COMMISSIONER OF INLAND REVENUE'S FIELD AUDIT TEAMS, ESTABLISHED IN JUNE 1991, HAVE NOW AUDITED ALMOST 6,000 CASES AND RECOVERED TAX AND PENALTIES OF MORE THAN $120 MILLION. IN ADDITION, WE EXPECT THE INVESTIGATION UNITS TO RECOVER A FURTHER $500 MILLION IN
1992/93.
"THESE RESULTS ARE ENCOURAGING, BUT I HAVE DECIDED TO INJECT SOMB MORE RESOURCES IN THE COMING YEAR TO STRENGTHEN FURTHER THE INLAND REVENUE DEPARTMENT'S DRIVE AGAINST TAX EVASION, HE SAID.
"
MODEST BUDGET DEFICIT OF $3.4 BILLION
A MODEST BUDGET DEFICIT OF $3.4 BILLION IS FORECAST AS A RESULT OF THE 1993/94 BUDGET'S EXPENDITURE AND REVENUE PROPOSALS.
"THIS DEFICIT ARISES BECAUSE WE ARE TAKING FULL AND SENSIBLE ADVANTAGE OF THE HIGHER-THAN-EXPECTED SURPLUSES OF THE LAST TWO YEARS, RATHER THAN SALTING AWAY EVEN MORE OF THE COMMUNITY'S MONEY TO BOOST OUR ACCUMULATED RESERVES," THE FINANCIAL SECRETARY, THE HON HAMISH MACLEOD, SAID TODAY (WEDNESDAY) WHEN PRESENTING THE BUDGET ΤΟ THE LEGISLATIVE COUNCIL.
"THESE WILL AMOUNT TO $78 BILLION AT THE END OF 1996/97. I DO NOT BELIEVE EITHER THIS COUNCIL OR THE COMMUNITY WOULD HAVE WELCOMED A LARGER INCREASE IN OUR FORECAST RESERVES."
THE MEDIUM RANGE FORECAST SHOWED THAT THE FOR DEFICITS IN EACH OF THE YEARS TO 1996/97. SURPRISE, AS HE HAD FORECAST SUCH A SITUATION THESE DEFICITS WOULD PEAK IN 1994/95 AND THEN
MR MACLEOD SAID GOVERNMENT WAS PLANNING THIS SHOULD COME AS NO IN LAST YEAR'S BUDGET. START TO DECLINE FROM 1995/96.
"THIS REFLECTS THE PATTERN OF CAPITAL SPENDING OVER THE FORECAST PERIOD, INCLUDING THE AIRPORT. PROVIDED THAT WE KEEP RECURRENT EXPENDITURE UNDER CONTROL, AS WE PLAN TO DO, WE WILL RETURN TO BALANCED BUDGETS ONCE THE AIRPORT CORE PROGRAMME HAS BEEN
COMPLETED.
/REVENUE WILL,