XN000022-1985-02-27 — Page 9

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KINESDAY, FEBRUARY 27, 1985

HE ADDED THAT THERE WAS ALSO A NUMBER OF FAIRLY LARGE

PRIVATE TREATY GRANTS TO THE MTRC. A CONTINUING FACTOR DEPRESSING THE 1985-86 ESTIMATE BY ABOUT $700 MILLION IS THE EXTENT TO WHICH LETTERS 'B' ARE BEING USED FOR LAND PURCHASES, SIR JOHN NOTED.

+THE LAND SALES PROGRAMME FOR 1985-86 CONSISTS OF 34 HECTARES. IN ADDITION THERE IS A RESERVE LIST OF SITES, TOTALLING 46 HECTARES, WHICH WILL ONLY BE PUT ON SALE IF A DEVELOPER INDICATES A FIRM INTEREST,+ SAID SIR JOHN.

HE ADDED THAT HE EXPECTS, AFTER SHARING, NET REVENUE OF $415 MILLION FROM AUCTION AND TENDER, $780 MILLION FROM PRIVATE TREATY GRANTS AND $80 MILLION FROM MODIFICATIONS AND REGRANTS.

PROPOSALS TO YIELD $1.2 BILLION NET

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BUDGET PROPOSALS CONCERNING DUTIABLE COMMODITIES AND TRANSPORT LICENCE FEES WERE THE SUBJECT OF REVENUE PROTECTION ORDERS SIGNED BY THE GOVERNOR THIS MORNING, THE FINANCIAL SECRETARY, SIR JOHN BREMRIDGE, SAID.

SIR JOHN WAS SPEAKING ABOUT THE IMPLEMENTATION OF THE PROPOSALS.

HE SAID THAT PROPOSALS FOR INCREASES IN BUSINESS REGISTRATION FEES, BETTING DUTY AND AIR PASSENGER DEPARTURE TAX WOULD BE THE SUBJECT OF RESOLUTIONS TO BE MOVED IN THE LEGISLATIVE COUNCIL ON MARCH 28 AND, SUBJECT TO APPROVAL, WOULD TAKE EFFECT FROM APRIL 1.

SIR JOHN SAID HIS OTHER REVENUE PROPOSALS WOULD BE PUT TO THE GOVERNOR IN COUNCIL FOR THE NECESSARY AUTHORISATIONS. IN DUE COURSE A BILL WOULD BE INTRODUCED INTO THE COUNCIL TO GIVE EFFECT TO THE PROPOSALS FOR CONCESSIONS ON PERSONAL TAXES.

SIR JOHN SAID THESE PROPOSALS WERE DESIGNED TO YIELD ABOUT $1.2 BILLION IN NET ADDITIONAL REVENUE FOR 1985-86.

HE SAID THE ESTIMATE OF TOTAL REVENUE FOR THE GENERAL REVENUE ACCOUNT THUS BECAME $37.4 BILLION AND THE DEFICIT FOR THE YEAR WAS ESTIMATED AT $1 BILLION.

/FOLLOWING ARE ...................