Earnings and profits tax collection in 2009-10 stood at $123.2 billion, a decrease of $22.9 billion or 15.7% from the previous year. The stock market and property market were active in the year and pushed the stamp duty collection to $42.4 billion, a year-on-year increase of $10.2 billion or 31.8%. Overall, the total revenue collected by IRD in the year was $179.1 billion, dropped by $12.4 billion or 6.5% from the last year (Figure 1, Schedules 1 and 2).


Figure 1  Revenue collected by tax type

  Type of tax 2006-07
($m)		   2007-08
($m)		   2008-09
($m)		   2009-10
($m)		  
  Profits tax –                
 
Corporations
65,499.6   86,775.6   99,294.4   72,224.3  
 
Unincorporated businesses
6,419.4   4,647.1   4,857.1   4,381.1  
  Salaries tax 38,585.6   37,479.5   39,007.9   41,245.4  
  Property tax 1,247.4   1,240.6   832.5   1,677.6  
  Personal assessment 3,565.6   3,586.6   2,151.1   3,655.8  
  Total earnings & profits tax 115,317.6   133,729.4   146,143.0   123,184.2  
  Estate duty 777.7   353.4   176.0   185.1  
  Stamp duty 25,076.6   51,549.1   32,162.1   42,382.6  
  Betting duty 12,047.4   13,048.4   12,620.3   12,767.1  
  Business registration fees 1,497.9   1,565.8   154.4   578.7  
  Hotel accommodation tax (Tax rate reduced to 0% from 1 July 2008) 384.2   450.4   222.9   0.0  
  Total revenue collected
155,101.4
 
200,696.5
 
191,478.7
 
179,097.7
 
  % change over previous year 7.0%   29.4%   -4.6%   -6.5%  

The revenue collected by the Department during 2009-10 accounted for 69.2% of the Government General Revenue
(Figure 2). Profits tax contributed the largest part of the total revenue collected, followed by stamp duty. Together they made up 66.5% of the total revenue collected (Figure 3).


Figure 2  Government General Revenue




Figure 3  Composition of the revenue collection



With a drop in revenue collections during the year, the cost of collection of revenue increased slightly from 0.63% to 0.65% (Figure 4).


Figure 4  Cost of collection