Estimates-1963 — Page 194

188

Revised

estimate 1961-62

Estimate 1962-63

Difference

$M

$M

$M

Total Recurrent Revenue

909.4

931.2

+21.8

Internal Revenue (Estate and Excess

Stamp Duties)

19.0

20.0

+1.0

Fees of Court or Office (Repayments of

Loans and Contributions)

1.2

2.6

+ 1.4

Land Sales

86.1

106.0

+19.9

Colonial Development and Welfare Grants

0.4

0.4

World Refugee Year Grants

3.6

2.7

0.9

Loans from U.K. Government

Total Revenue

1,019.7

1,062.5

+42.8

HEAD 1- DUTIES

Estimate 1962-63

Revised estimate 1961-62 Approved estimate 1961-62

Actual revenue 1960-61 ....

$185,800,000

174,750,000

175,600,000

166,993,904

The revised estimate for 1961-62 shows a small decrease of $850,000 compared with the approved estimate due to import duty on tobacco producing slightly less than was expected. The estimate for 1962-63 is, however, $10,200,000 higher than the approved estimate for 1961-62 and, with the exception of duty on tobacco, all subheads share in this increase.

HEAD 2 — RATES

Estimate 1962-63

Revised estimate 1961-62

Approved estimate 1961-62

Actual revenue 1960-61

$128,550,000

116,620,000

115,620,000

100,716,312

Continued building development in the Colony is mainly responsible for the increase in the estimate for 1962-63.

HEAD 3 — INTERNAL REVENUE

Estimate 1962-63

Revised estimate 1961-62

Approved estimate 1961-62

Actual revenue 1960-61 ....

$326,300,000

314,360,000

271,350,000

237,150,260

The revised estimate shows a marked increase of $43,010,000 over the approved estimate for 1961-62. A further increase of $12,000,000 is expected in 1962-63.

The following items are mainly responsible for these increases:-

Subhead

Approved Estimate 1961-62

Revised Estimate

Estimate 1962-63

Earnings and profits tax.........................

$174,500,000

1961-62

$198,000,000

Remarks

Entertainment tax

15,500,000

16,500,000

Estate duty

12,500,000

15,000,000

Stamp duties....

40,500,000

54,000,000

$205,500,000 (a) Improved trading condi-

tions.

(b) General increase in emol-

uments.

(c) Higher rate of bank

interest.

17,000,000 Improved trading conditions

and higher emoluments. 16,000,000 Estates not yet proved indi- cate that an increase is likely.

54,000,000 Improved trading conditions.

Motor vehicles taxes:

(1) Commonwealth prefer-

ence tax

3,250,000

3,360,000

3,900,000

Government Lottery

2,000,000 New subhead.