2
HEAD 1— DUTIES
3.
Estimate 1955/56
Revised estimate 1954/55
Approved estimate 1954/55
Actual revenue 1953/54
$74,080,000
75,640,000
69,900,000
74,883,463
The excess of $5,740,000 in the revised estimate for 1954/55 as compared with the approved estimate is due principally to increased collections in respect of import duty on hydrocarbon oils, $2,900,000, tobacco $1,400,000 and duty on locally manufactured liquor, $1,900,000. The estimates for 1955/56 take account of the latest trends.
HEAD 2 - RATES
4.
Estimate 1955/56
Revised estimate 1954/55 Approved estimate 1954/55
Actual revenue 1953/54
$44,000,000
38,488,000
39,080,000
37,614,897
The shortfall of nearly $600,000 in collections of rates for 1954/55 indicated by the revised estimate as compared with the approved estimate was due to staff shortages, 2 vacant posts having remained unfilled throughout the year. The estimate of $44,000,000 for 1955/56 takes into account the revaluation of the Colony carried out this year and includes a token figure for rates from the New Territories.
5.
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HEAD 3- - INTERNAL REVENUE
Estimate 1955/56
$158,500,000
158,900,000
156,800,000
Actual revenue 1953/54
160,461,736
Revised estimate 1954/55 Approved estimate 1954/55
The revised estimate for 1954/55 as compared with the approved estimate shows an excess of $2,100,000. The collections of estate duty are $7,500,000 over the original estimate and stamp duties should produce $1,500,000 more than anticipated. There are shortfalls in respect of business registration tax $2,000,000 and earnings and profits tax $5,000,000, the original forecasts having proved over-optimistic. An additional $1,000,000 is estimated for next year from bets and sweeps tax and also from stamp duties, and the figure for earnings and profits tax has again been put at $110,000,000. The token figure of $5,000,000 is repeated for Estate Duty.
HEAD 4 - LICENCES, FINES AND FORFEITURES
Estimate 1955/56
6.
Revised estimate 1954/55
Approved estimate 1954/55
Actual revenue 1953/54
$13,982,000
13,621,000
15,745,000
17,456,699
The shortfall of $2,124,000 shown by the revised estimate as compared with the approved estimate for the current year is due mainly to over-estimates in respect of revenue from Court fines and from forfeitures, which will fall short by approximately $550,000 and $1,850,000 respectively. These were partly offset by increased collections in respect of various licences, notably those connected with motor vehicles which produced approximately $430,000 more than anticipated. The estimates for next year follow closely the trends indicated by the revised estimates for the current year.
7.
HEAD 5 - FEES OF COURT OR OFFICE
Estimate 1955/56
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Revised estimate 1954/55 Approved estimate 1954/55
Actual revenue 1953/54
28,138,000
34,236,000
30,387,000
28,055,781
The revised estimate for the current year shows an excess of $3,849,000 over the approved estimate. The principal increases comprising this total are official certificates, ap- proximately $400,000, Widows and Orphans pensions contributions, $180,000, works executed
No comments yet.
Private notes are available after approval.