State Revenue Still “Buoyant”

Press, Volume CIV, Issue 30895, 30 October 1965, Page 1

State Revenue Still “Buoyant”

(New Zealand Press Association) WELLINGTON, Oct. 29. Revenue had remained buoyant, said the Minister of Finance (Mr Lake) when he today released the Public Accounts for the first six months of 1965-66. “The higher levels of income tax and customs duties are generally in accordance with Budget expectations,” said the Minister.

Sales tax receipts appeared to have been affected slightly by the credit restrictions, but if a true comparison were to be made with the first half of 1964-65, allowance should be made for the overlapping of entries with the previous year involving about £lm. Mr Lake said that payments were consistent with forecasts. An important factor contributing to the rise in outgoings on social services was the increase in social security monetary benefits from September of last year. Situation “Satisfactory” “The situation is generally satisfactory. Where it is appropriate, steps are being taken to control or postpone expenditure in line with the various measures which have

been adopted to restrict the level of internal spending.” Receipts and payments are: Receipts—- (£ million) l'M-M I*U-S* Var.

Income and Social Security taxes .. 81 7 90 5 4 M Customs 19.H 20.9 4- 1.1 Sales tax 17.2 16.3 - 0 9 Beer duty 7.1 7.2 + 0.1 Estate, racing and stamp duties 9 4 10.3 + 09 Other taxes 0.2 0.2 Other receipts 25.8 27.8 + 1.8 161.2 173.0 +11.8 Payments— Debt services 29 1 29 8 + 0.J Stabilisation subsidies 9 9 10.4 + 0.5 Defence 15.3 17.6 + 2 3 Soclm services 116 6 124.4 + 7.8 General admin. 37.1 40.4 + 3.3 208.0 222.4 +14.4