172
Revised Estimate
1959/60
Estimate 1960/61
Difference
$M
$M
$M
Total Recurrent Revenue
592.1
651.7
+59.6
Internal Revenue (Estate & Excess Stamp
Duties
14.5
16.5
+ 2.0
Fees of Court or Office (Repayments of
Loans and Contributions)
7.4
0.5
6.9
Land Sales
19.1
35.5
+16.4
Colonial Development & Welfare Grants
0.8
0.0
- 0.8
Loans from U.K. Government
2.7
4.2
+ 1.5
World Refugee Year Grants
0.7
3.8
+ 3.1
Total Revenue
637.3
712.2
+74.9
HEAD 1- DUTIES
Estimate 1960/61
Revised estimate 1959/60
Approved estimate 1959/60
Actual revenue 1958/59
$154,700,000
122,660,000
110,400,000
111,378,306
Increased revenue yields are expected on all subheads, especially Import duties on hydrocarbon oils and on tobacco.
Estimate 1960/61
HEAD 2- RATES
Revised estimate 1959/60
Approved estimate 1959/60
$93,500,000
83,500,000
79,010,000
74,604,110
Actual revenue 1958/59
The increase in the revised estimate for 1959/60 and the further increase in the estimate for 1960/61 are attributable to continued building development in the Colony.
HEAD 3— INTERNAL REVENUE
Estimate 1960/61
Revised estimate 1959/60
Approved estimate 1959/60
$186,400,000
182,700,000
187,200,000
194,780,904
Actual revenue 1958/59
The revised 1959/60 estimate for Earnings and Profits Tax shows a reduction of $4,000,000: this decrease is due to the losses sustained by shipping firms and to the reduced profits from China trade. The Estate Duty estimate is also down by $4,500,000. The increase in the estimate for Business Registration fees is due to the delay in introduction of the new legislation which provides for reduced annual fees. Increased yields are also expected from Bets and Sweeps Tax and from Entertainment Tax. The estimate for Pools Betting Duty is a token figure only.
HEAD 4 LICENCES AND FRANCHISES
Estimate 1960/61
Revised estimate 1959/60
Approved estimate 1959/60
Actual revenue 1958/59
$40,664,500
40,680,600
36,810,400
38,705,559
This is a new Head. Licences were previously shown with Fines and Forfeitures, while revenue from Franchises was included in the Head for Fees of Court or Office. For ease of reference the estimates are presented as if this Head had been in existence all along.
The increase in the estimate for Licences is mainly accounted for by the issue of additional licences for vehicles and drivers and for wireless sets. In the Franchises division increased royalties are expected from the Hong Kong Telephone Co., Ltd., Hong Kong & Yaumati Ferry Co., Ltd. and Kowloon Motor Bus Co., Ltd.
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