ENG-1953 — Page 53

Chapter 3

PUBLIC FINANCE AND TAXATION

Revenue and Expenditure

The revenue and expenditure figures since 1st April, 1950,

are as follows:-

1950/51

1951/52

1952/53

1953/54 (Estimate)

Revenue

Expenditure

Surplus

$

$

$

291,728,416 251,684,523 40,043,893 32,708,297

308,564,248 275,855,951

484,590,446 411,749,658 72,840,788

348,642,700

328,169,818.

20,472,882

In making any comparison, it should be noted that the 1952/53 figures for revenue and expenditure both include $100,000,000 in respect of an initial transfer from the General Revenue Balance to a newly constituted Revenue Equalization Fund. After making this transfer the General Revenue Balance at 1st April, 1953, was $196,962,296.

Actual revenue for 1952/53 exceeded the estimate by $93,828,246. Details of the main heads of Revenue are given in Appendix III. The principal excess was on the sub-head of Earnings and Profits Tax, under Internal Revenue; this item alone was $51,664,244 over the estimate. This was the result of an increase in staff in the Inland Revenue department, which made it possible to complete an increased number of assessments and to make considerable progress in collecting arrears of tax due in respect of previous years.

Expenditure for 1952/53, excluding the initial transfer of $100,000,000 to the Revenue Equalization Fund, exceeded the estimate by $23,076,646. The gross increase, however, was $45,653,652, this figure being partially offset by savings of

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