XN000022-1991-03-06 — Page 26

WEDNESDAY, MARCH 6, 1991

25

MODEST SURPLUS FORECAST: FS

THE FINANCIAL

SECRETARY, THE HON SIR PIERS JACOBS, FORECAST

A MODEST CONSOLIDATED SURPLUS OF $1.3 BILLION FOR 91-92.

SPEAKING ON THE DRAFT ESTIMATES OF REVENUE IN HIS BUDGET FOR 1991-92, SIR PIERS SAID HIS REVENUE PROPOSALS WOULD REDUCE DIRECT TAXATION BY $340 MILLION AND INCREASE INDIRECT TAXATION BY $3 BILLION.

OTHER REVENUE,

INCLUDING

INTEREST, WOULD INCREASE BY $600

MILLION.

THE FINAL FORECAST, THEREFORE, IS A MODEST CONSOLIDATED SURPLUS OF $1.3 BILLION," HE SAID.

REVENUE

THE FINANCIAL SECRETARY SAID REVENUE TO THE GENERAL ACCOUNT WAS ESTIMATED AT $93.5 BILLION BEFORE TAKING ACCOUNT OF ANY REVENUE MEASURES.

..

'THIS IS 13 PER CENT MORE THAN THE REVENUE EXPECTED IN 1990- 91," HE SAID,

REVENUE FROM DIRECT TAXES WOULD INCREASE BY 20 PER CENT ALTHOUGH REVENUE FROM PROFITS TAX WOULD INCREASE BY ONLY 13 PER CENT.

REPRESENT 63 PER CENT OF TOTAL TAXES 1990-91.

DIRECT TAXES WOULD COMPARED WITH 60 PER CENT IN

SIR PIERS SAID REVENUE TO THE FUNDS WAS ESTIMATED TO BILLION, WHICH WOULD 37 PER CENT MORE THAN IN 1990-91.

BE $9.3

WOULD,

TOTAL REVENUE TO GENERAL REVENUE ACCOUNT AND THE FUNDS AT $102.8 BILLION, BE 14 PER CENT ABOVE THE FORECAST OUTTURN FOR 1990- 91.

HE NOTED THAT THE DRAFT ESTIMATES OF EXPENDITURE AND REVENUE FOR 1991-92 SHOW A SURPLUS OF $1.5 BILLION BEFORE TAKING ACCOUNT OF EQUITY INVESTMENTS TO BE MADE FROM THE CAPITAL INVESTMENT FUND.

OF $2

"THESE INVESTMENTS ARE ESTIMATED AT $3.5 BILLION AND SO I AM FORECASTING A CONSOLIDATED DEFICIT BEFORE REVENUE, MEASURES BILLION, SIR PIERS SAID.

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