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Indirect taxes are estimated to grow by 15% to a total of $9.7 billion due mainly to higher yields from betting taxes and from
stamp duty. From al1 other recurrent revenue,
revenue, I anticipate a yield of $9.2 billion, an increase
increase of only 4%. A substantial improvement in yield from fees and charges is partly offset by lower interest receipts on the Government's financial assets.
75.
The estimate of capital revenue for 1985-86 is $2.5 billion. This includes the transfer of $400 million from the Home Ownership Fund. The major
major element is still land revenue but this may have to be differently accounted for in the near future. Arrangements are being made for the premium income from land transactions to be paid directly into the Capital Works Reserve Fund instead of passing it through the general revenue account. This change is necessary in order to satisfy the requirements of Annex III to the Joint Declaration.
76.
Land revenue is always difficult to estimate and is rendered more so in 1985-86 by the need to estimate that portion
of the revenue which has to be ascribed to the future SAR
Government. I estimate that gross land revenue in 1985-86 will be $2 billion, of which about $300 million will be set aside for the future SAR Government leaving net land revenue of $1.7 billion. Much remains, however, to be settled as regards the detailed way in which the sharing of gross land revenue is to be
carried out, which may well affect the net estimate.
77.
The gross estimate of $2 billion for land revenue compares with a revised estimate of $4.2 billion in 1984-85 and
actual revenue of $2.3 billion in 1983-84. As I warned before
(40) the land revenue in 1984-85 was considerably distorted by the final instalment of $1.9 billion in respect of Exchange Square. There was also a number of fairly large private treaty grants to the MTRC, although I have assumed that the largest of
(40) 1984 B.S. paragraphs 75 and 78.
G.F. 316
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