AnnualReport-1937 — Page 83

A 23

REPORT ON INLAND REVENUE FOR THE YEAR 1937.

The four heads of Inland Revenue are Betting Duty, Enter- tainment Tax, Estate Duty and Stamp Duty. These several duties were not grouped together for administrative purposes until the end of the year under review.

After allowing for refunds, revenue for the years 1936 and 1937 amounted to:--

1936.

1937.

Betting Duty

112,750.77

133,047.67

Entertainment Tax

213,113.50

238,343.85

Estate Duty

1,352,890.38

1,383,251.40

Stamp Duty

2,136,943.19

2,130,186.38

3,815,697.84

3,884,829.30

The annual salaries and allowances of the staff wholly or mainly employed in connexion with Inland Revenue as at 31st December, 1937, amounted to $61,581.84 or 1.58% of the revenue collected for the year.

New enactments passed during the year included a resolu- tion of the Legislative Council dated 15th December, 1937, under the Betting Duty Ordinance, 1931, to increase the rate of duty as from 1st April, 1938.

Enactments passed in previous years and operating for the first time over a full financial year included Ordinances giving effect to an increase in the rates of Estate Duty on larger estates, to an increase of the Stamp Duty on Promissory Notes and to an extension of the liability of New Territory property to Estate Duty. It is estimated that the increase in revenue attributable to these sources amounted for the year under review to:-

Estate Duty (increase in rates)

(New Territory property)

$240,870

Stamp Duty

658

3,000

$244,528