Estimates-1962 — Page 184

182

Revised

Estimate

Estimate

Difference

1960/61

1961/62

$M

$M

$M

Total Recurrent Revenue

747.8

819.4

+71.6

Internal Revenue (Estate & Excess Stamp

Duties)

15.0

16.5

+ 1.5

Fees of Court or Office (Repayments of

Loans and Contributions)

1.3

2.1

+ 0.8

Land Sales

56.0

68.5

+12.5

Colonial Development & Welfare Grants

0.0

0.4

+ 0.4

World Refugee Year Grants

2,2

6.8

+ 4.6

Loans from U.K. Government

4.2

0.0

4.2

Total Revenue

826.5

913.7

+87.2

HEAD 1- DUTIES

Estimate 1961/62

Revised estimate 1960/61

$175,600,000

164,200,000

154,700,000

120,871,558

Approved estimate 1960/61

Actual revenue 1959/60

The estimate for 1961/62 shows an increase of $20,900,000 over the approved estimate for 1960/61 and $11,400,000 over the revised figure for 1960/61. Revenue yields are expected to increase on all subheads with the exception of Import Duty on Tobacco. The revised estimate for that subhead shows a decrease of $4,000,000 while the estimate for 1961/62 shows a decrease of $2,000,000 when compared to the approved estimate for 1960/61. The decrease is due to less consumption of tobacco, possibly as the result of increased duties. The increase in Import Duty on Hydrocarbon Oils accounts for an increase of $6,000,000 in the estimate for 1961/62.

Estimate 1961/62

Revised estimate 1960/61 Approved estimate 1960/61

Actual revenue 1959/60

HEAD 2 - RATES

$115,620,000

100,296,000

93,500,000

85,345,492

Continued building development in the Colony is mainly responsible for the increase in the revised estimate for 1960/61 and the further increase in the 1961/62 estimate.

HEAD 3— INTERNAL REVENUE

Estimate 1961/62 Revised estimate 1960/61

Approved estimate 1960/61

$271,350,000

229,600,000

186,400,000

193,494,025

Actual revenue 1959/60

The revised estimate shows a marked increase over the approved estimate for 1960/61. Further increases are expected in 1961/62. The following items are mainly responsible for these increases:-

Subhead

Approved Estimate

Revised Estimate

1960/61

1960/61

Estimate for 1961/62

Remarks

Earnings and profits tax.......

$118,000,000

$149,000,000

$174,500,000 Business was good for most trades and industries dur-

Entertainment tax

Stamp duties....

13,000,000

26,000,000

15,000,000

38,000,000

Motor vehicles taxes

ing the base periods con- cerned. The increase in Property Tax on

uncon-

trolled properties accounts for $18m. of the total figure for 1961/62.

15,500,000 Increased attendances at all

functions.

40,500,000 Buoyancy of business gen-

erally, and land and share transactions in particular.

8,250,000 Transfer of Commonwealth Preference Tax from Head

4 and the introduction of a new First Registration Tax.