Estimates-1967 — Page 236

234

Revised

Estimate

estimate

Difference

1966-67

1965-66

$M

$M

Total Recurrent Revenue

1,499.9

1,668.1

$M

+168.2

Internal Revenue (Estate and Excess

Stamp Duties)

24.5

24.4

-

0.1

Fees of Court or Office (Repayment of

Loans)

4.6

15.2

+ 10.6

Land Sales

65.6

67.5

+ 1.9

World Refugee Year Grants

2.4

0.5

1.9

Contributions Towards Projects

4.2

8.6

+ 4.4

Colonial Development and Welfare Grants

0.6

-

0.6

Total Revenue

1,601.8

1,784.3

+182.5

Estimate 1966-67

Revised estimate 1965-66 Approved estimate 1965-66

HEAD 1 DUTIES

$316,000,000

269,000,000

267,000,000

Actual revenue 1964-65

255,225,198

The revised estimate for 1965-66 shows an increase of $2,000,000 over the approved estimate and the estimate for 1966-67 shows a further increase of $47,000,000 over the 1965-66 revised figures. Only import duties on hydrocarbon oils and intoxicating liquor share in the increase, the remaining subheads are unchanged or slightly lower. Revenue from hydrocarbon oil increases with the rise in the number of road vehicles and the gradual replacement of firewood by kerosene for cooking; while higher consumption accounts for the increase from duty on intoxicating liquor. Substantial withdrawals of duty paid tobacco leaf prior to the 1965 Budget and the sudden upsurge of exports of locally manufactured tobacco to Sabah disrupted the pattern of collections of tobacco leaf revenue.

HEAD 2— RATES

Estimate 1966-67

Revised estimate 1965-66 Approved estimate 1965-66 Actual revenue 1964-65

$242,750,000

220,400,000

192,800,000

167,590,760

The revised estimate for 1965-66 shows an increase of $27,600,000 over the approved estimate and the estimate for 1966-67 shows a further increase of $22,350,000 over the 1965-66 revised figure. These substantial increases arise from the large number of buildings completed during the year and due for com- pletion in the ensuing year; and also to some increase in assessed values since 1.4.1965.

HEAD 3 — INTERNAL REVENUE

Estimate 1966-67

Revised estimate 1965-66 Approved estimate 1965-66

Actual revenue 1964-65

$572,500,000

504,950,000

510,000,000

491,775,458

The revised estimate for 1965-66 shows a small decrease compared with the approved estimate. The increase of $17,000,000 under Earnings and Profits Tax is due generally to good trading conditions in 1964-65, resulting in a greater yield from increased profits and higher incomes and thus more taxpayers. Interest Tax also shows appreciable growth due to increased deposits with banks and more home purchase mortgages. Entertainment Tax is up a little, but Estate Duty is down by $10,000,000 and Stamp Duties by $8,000,000 due mainly to a lower level of activity and lower values in the property and stock markets. Bets and Sweeps Tax was originally overestimated and is down by $5,000,000.

The estimate for 1966-67 shows a small net increase and includes $1,000,000 from Hotel Accommodation Tax but excludes revenue from Government Lotteries as the latter will in future accrue direct to the Lotteries Fund.