TNAG-1361-FCO40-1807-Hong-Kong-Hansard-reports-and-minutes-of-the-meetings-of-the-1985 — Page 178

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Revenue Estimates

73.

We come now to the revenue estimates which for 1985-86

as printed anticipate total collections of $36.2 billion; that is to say $33.7 billion in recurrent revenue and $2.5 billion in

capital revenue. The ostensible deficit is therefore $2.2 billion (38). New revenue measures are clearly inevitable.

to

74.

Recurrent revenue at $33.7 billion is estimated increase by $3.4 billion or 11.3% over the revised estimate for 1984-85. Earnings and profits taxes are expected to yield $14.8 billion (39), which is an increase of over 14% on 1984-85

reflecting the full year impact of the increases in tax rates introduced in last year's Budget aided by an improving economy.

(38)

$mn

$mn

Revenue :

Recurrent Capital

Expenditure:

33,671

2,530

36,201

Recurrent Capital

29,685

8,677

38,362

Surplus on recurrent account

3,986

Deficit on capital account

-6,147

Overall deficit

-2,161

(39)

Actual

Revised

Estimate

1983-84

1984-85

1985-86

($mn)

($mn)

($mn)

Profits tax

6,939

7,800

8,630

Salaries tax

3,399

4,110

5,000

Personal assessment

182

200

230

Interest tax

301

65

65

Property tax

602

810

900

Total

11,423

12,985

14,825

Profits tax :

Corporations

6,124

6,830

7,550

Other businesses

815

970

1,080

G.F. 316

UNCLASSED 2