CO129-597-1 Estimates 1948 15-11-1946 - 12-6-1948 — Page 91

The following points in connection with the Revenue Estimate for 1947/48 call for some comment:

Duties. The estimate under this Head amounts to $37,000,000 as compared with $18,200,000 for 1946/47. Import duties were doubled during the year and imports were heavier than was anticipated. As a result, actual collections for 1946/47 are expected to reach a figure of $30,000,000.

During the coming year imports will probably not be on such a large scale as stocks have been replenished. be some falling off in trade but this will be There may also offset to some extent by the fact that NAAFI supplies will be subject to duty. these facts into consideration import duties

Taking on Liquor during 1947/48 are estimated to yield $6,000,000 while Tobacco is estimated to yield $23,000,000.

Receipts from the duty on petrol were considerably over-estimated in 1946/47 as this was necessarily a matter of guesswork and motor vehicles did not in fact enter the Colony with the speed which was originally hoped. The estimate for 1947/48 is still $500,000 below the estimate for the previous year and s tands at a figure of $3,000,000. Receipts from duty on Toilet Preparations and Proprietary Medicines are expectod to exceed last year's estimate by $1,000,000.

Assessed Taxes. Rates were rostored during the year to the old figure of 17% and a considerable number of properties were repaired during the latter part of the year. The estimate for 1947/48 excoeds that of the previous year by $760,000.

This

Internal Revenue. This Head shows a considerable Increase from $7,000,000 to $29,950,000. is largely due to the inclusion of a token figure of $16,000,000 in respect of the new Inland Revenue (Earnings and Profits) Tax. The reason why an accurate figure cannot be given is explained above.

The tax on Sweepstakes was increased from 15% to 25% during the latter part of the year and Race Meetings are now being held at regular intervals. The estimate in respect of the Betting and Sweepstakes Tax has therefore been increased from $300,000 to $1,250,000. Entertainment Tax collections continue to come in at a very satisfactory rate and last year's estimate of $2,500,000 has been increased to $3,000,000.

91