ENG-1964 — Page 51

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PUBLIC FINANCES

to $2 on $100. A special duty at the rate of three per cent is payable on the first conveyance of any parcel of land after September 1948. The estimated yield from Stamp Duty during the current financial year is $70 million.

Substantial revenue accrues from Entertainments, Dance Halls and Bets and Sweeps Taxes and it is estimated they will yield $52 million during the current year. Entertainments Tax is charged on the price of admission to places of entertainment, the rate varying with the amount charged but averaging about 22 per cent. Certain types of entertainment given for charitable or educational purposes are taxed at a lower rate or may be exempt. Public Dance Halls Tax is a levy of 10 per cent on all dance halls charges. Bets and Sweeps Tax imposes 7 per cent on totalizator receipts and 25 per cent on cash sweepstake receipts.

Every business carried on in the Colony, except one which is not carried on for the purpose of gain or one which is carried on by a charitable institution, must be registered and pay annually a registra- tion fee of $25. Where the business is very small the Commissioner may exempt it from the fee. These fees are expected to yield approx- imately $3 million.

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