2000-01 Annual Report, Inland Revenue Department
(Text Only)


Revenue


With the recovery of the economy in 2000, there was an increase in collections of $7 billion in Earnings and Profits Tax (Figure 1, Schedules 1 and 2). However, reduced stock market turnover coupled with a lower rate of stamp duty on stock transactions resulted in Stamp Duty collections falling by some $1.2 billion.

Figure 1 Revenue collected by tax type
Type of tax 1997-98
(Dollars million)		 1998-99
(Dollars million)		 1999-2000
(Dollars million)		 2000-01
(Dollars million)
Profits Tax - Corporations 49,447.9 37,686.3 32,333.2 38,960.5
Profits Tax - Unincorporated Businesses 5,899.1 7,565.6 5,365.3 4,008.9
Salaries Tax 30,158.8 25,062.7 24,831.5 26,302.9
Property Tax 1,585.3 1,333.6 1,167.9 1,143.1
Personal Assessment 4,432.7 4,098.3 3,216.2 3,454.9
Total Earnings and Profits Tax 91,523.8 75,746.5 66,914.2 73,870.3
Estate Duty 1,588.1 1,236.7 1,271.6 1,502.6
Stamp Duty 29,096.9 10,188.7 12,115.9 10,911.2
Betting Duty 13,453.3 12,228.7 11,937.8 12,630.1
Business Registration Fees 1,341.1 1,275.7 1,276.2 1,300.7
Hotel Accommodation Tax 511.3 219.0 182.4 222.5
Total revenue collected 137,514.5 100,895.3 93,698.1 100,437.4
Percentage change over previous year 14.6% -26.6% -7.1% 7.2%

Overall, revenue collected by the Department during 2000-01 totalled $100.4 billion (about 60% of the Government General Revenue, see Figure 2). This represents an increase of $6.7 billion, or 7.2%, on the amount collected the previous year. The major part of revenue collected came from Profits Tax and Salaries Tax, which together contributed 69% (Figure 3).


Figure 2 Government General Revenue
Revenue 1997-98
(Dollars billion)		 1998-99
(Dollars billion)		 1999-2000
(Dollars billion)		 2000-01
(Dollars billion)
Inland Revenue Department collections 138 101 94 101
Other General Revenue 91 78 68 78
Total Government General Revenue 229 179 162 179
Percentage of Inland Revenue Department collections 60.1% 56.3% 57.8% 56.2%

Figure 3 Composition of the revenue collection 2000-01
Type of tax
Percentage
Profits Tax
42.8%
Salaries Tax
26.2%
Stamp Duty
10.8%
Betting Duty
12.6%
Others
7.6%

The increase in revenue collections saw a decrease in the cost of collection to 1.31%, from 1.37% the previous year (Figure 4).

Figure 4 Cost of collection
Cost of collection 1997-98 1998-99 1999-2000 2000-01
Percentage 0.81% 1.21% 1.37% 1.31%


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(Last updated/reviewed : February 18, 2002)