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| With the strong economic rebound in the second
half of 2003 and the implementation of phase I tax increase
measures in the 2003-04 Budget, there was an increase of $7.4
billion in Earnings and Profits Tax collections, representing
a growth of 10.2% as compared with the previous year (Figure
1, Schedules
1 and 2).
The marked revivals in the property and stock markets in the
later part of the year also brought about a substantial increase
of $3.8 billion in stamp duty collections. |
| |
2000-01 |
2001-02 |
2002-03 |
2003-04 |
| Type
of tax |
($m) |
($m) |
($m) |
($m) |
Profits Tax - |
Corporations |
38,960.5 |
39,272.4 |
33,692.9 |
43,666.3 |
| Unincorporated
Businesses |
4,008.9 |
5,103.3 |
5,106.6 |
5,103.7
|
| Salaries Tax |
26,302.9 |
28,634.6 |
29,733.1 |
27,976.9 |
| Property Tax |
1,143.1 |
1,135.7 |
1,180.1 |
983.0 |
| Personal Assessment |
3,454.9 |
3,603.0 |
3,315.9 |
2,744.4 |
| Total Earnings & Profits
Tax |
73,870.3 |
77,749.0 |
73,028.6 |
80,474.3 |
| Estate Duty |
1,502.6 |
1,927.8 |
1,402.7 |
1,455.3 |
| Stamp Duty |
10,911.2 |
8,636.6 |
7,458.2 |
11,245.4 |
| Betting Duty |
12,630.1 |
11,571.3 |
10,920.7 |
11,635.9 |
| Business Registration Fees |
1,300.7 |
1,240.2 |
127.7 |
1,233.3 |
| Hotel Accommodation Tax |
222.5 |
202.9 |
201.0 |
155.6 |
| Total revenue collected |
100,437.4
 |
101,327.8
|
93,138.9
|
106,199.8
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| % change over previous year |
7.2% |
0.9% |
-8.1% |
14.0% |
Overall, revenue collected
by the Department during 2003-04 totalled $106.2 billion.
This represents an increase of $13.1 billion or 14%, from
that collected in the previous year. The major part of revenue
collected came from Profits Tax and Salaries Tax, which together
contributed 72% (Figure 2).
The various taxes collected by the Department
contributed 36% of the total Government General Revenue in
2003-04 (Figure 3). The significant drop
in the percentage of contribution is largely attributable
to the transfer of $120 billion from the Land Fund to the
General Revenue Account during the year to meet government
expenditure requirements.
Productivity savings were achieved during
the year. The cost of collection of revenue decreased from
1.38% to 1.14% (Figure 4).
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Figure
1
