Tax Receipts Down So Far This Year

Press, Volume CII, Issue 30050, 7 February 1963, Page 6

Tax Receipts Down So Far This Year

INeio Zealand Frem Association)

WELLINGTON, February 6. Receipts in the Public Accounts for the first nine months of this financial year were £7,500,000 less than in the same period last year, the Minister of Finance (Mr Lake) said today. The main variations were in income tax and customs duties.

Mr Lake summarised the two main accounts: the Consolidated Fund and Social Security Fund.

He said the main variations were a decrease in income tax of £s.lm and a decrease in customs duties of £3.5m, after allowing for £l.7m motor spirits duty now shown in other taxation.

As a result of the concessions announced in the 1961 Budget, there was also a decline in estate, racing and stamp duties of £2.lm, he said. After allowing for the different methods used in paying refunds in 1961 and 1962 the actual decrease in income tax was approximately £3.7m. On the expenditure side the figures were generally in line with the estimates for this time of the year, he said. All expenditure on defence this year (£ 17.6 m) was met from the Consolidated Fund. Last year, £3.lm of overseas defence expenditure was met

from the now closed Defence Fund.

The increase in social service expenditure from the Consolidated Funds arose principally in the education field.

Loans of £44.8m had been raised from public and departmental sources in New Zealand and £ 18.9 m had been received from overseas borrowing in the first nine months of the year.

The comparable figures last year were £ 36.8 m and £ 26.7 m.

Mr Lake said that a very pleasing feature was the upwards trend in small savings which became evident in the latter part of 1962. Moneys received from the Post Office Savings Bank amounted to £ 12.8 m against £7.lm in the same period of 1961.

The accounts for the nine months ended December 31, compared with the comparable figures in 1961 were as follows:

Receipts 1962 1961 £m £m Customs 26.6 31.8 Beer duty 11.3 10.5 Sales tax 18.0 17.7 Estate, Racing, Stamp duties 13.9 16.0 Income tax (with Soc. Sec. IT.) .. 96.1 1012 Other Taxation 2.9 1.9 Other Receipts 34.0 31.2 .**«■*» Total 202.8 2102 Payments Debt services 34.9 35.5 S t a b i 1 isatlon subsidies 10.3 10.4 Defence 17.6 13.6 Social Services (Co nsol. Fund) 74.7 68.9 Social Services (Social Sec. Fund) 83.6 81.0 General adm i n istration 49.1 44.6 ■ 1 —!■ ■ ■ 1II Total 270.2 254.0