ENG-1953 — Page 56

PUBLIC FINANCE AND TAXATION

a resident of the Colony may elect to be personally assessed on his total local income, in which case he receives the advantage of personal allowances for which he might not otherwise be eligible.

The personal allowance for an individual liable to Salaries and Annuities tax, or who elects for personal assessment, is $7,000. Allowances are also made for a wife and up to nine children. Tax on salaries and on personal income is levied at rates varying from one-fifth of the standard rate on the first $5,000 of chargeable income, to twice the standard rate on chargeable income over $45,000.

Revenue derived from the four taxes in 1952/53, together with amalgamated tax under personal assessment, including arrears collected in respect of earlier years, was as follows:-

Profits tax:

Corporation Profits tax

$50,802,262

Business Profits tax

$35,940,990

$ 86,743,252

Salaries and Annuities tax

$ 10,724,684

Interest tax

Property tax

Personal assessment

$ 3,063,305

$ 9,954,361

$ 1,178,641

TOTAL

$111,664,243

Estate Duty

Estate Duty is levied on conventional lines at rates varying between 2% on estates valued between $5,000 and $10,000 and 52% on estates valued at over $30,000,00. The total revenue received from this duty during 1952/53 amounted to $6,453,360.

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