TAX YIELD £215.7M

Press, Volume XCIX, Issue 29263, 22 July 1960, Page 14

TAX YIELD £215.7M

Consolidated Fund

[From Our Parliamentary Reporter] WELLINGTON, July 21. An estimated surplus of £lOO,OOO in the Consolidated Fund was provided for by the Minister of Finance (Mr Nordmeyer) in his Budget this evening. He set out the estimated position of the fund as:— Receipts Taxation—

Total expend. .. 261.0 316.5 ♦lncludes contribution to Social Security Fund of £34.7m, compared with £ 106.5 m last year. With the reversion to crediting part of income taxation to the Social Security Fund, estimated income tax receipts had declined substantially on the previous year, he said. However, in total, and after allowing for reductions in income tax, the income and Social Security taxes combined showed an increase over last year’s total of £ 16.6 m, mainly because of the general rises in incomes and because many provisional taxpayers would be paying additional tax on higher incomes earned last year. “It is unlikely that substantial tax refunds will be necessary during the current financial year,” the Minister added.

1960-61 Est. £m 1959-60 Actual £m Customs 40.0 43.4 Beer duty 14.10 13.3 Sales tax 21.5 24.2 Estate duty, etc. 21.5 19.8 Income tax 116.7* 175.9 Other taxes 2.0 1.9 - , i» 215.7 278.6 ♦Excludes Social £ 75.8m. Other Receipts— Security Tax Interest 16.2 15.0 Trading profits .. 4.7 3.4 Dept'l. receipts .. 25.5 20.3 46.4 38.7 ■ II w ■ ■» Total receipts 262.1 317.2 Expenditure Debt service .. Other perm, ap39.6 38.4 props. 7.0 f 8.4 Annual approps. 214.3* 269.6 1 ■ — ■ *