Revenue from in come tax down $40M

Press, 22 August 1978, Page 11

Revenue from in come tax down $40M

PA Wellington Income tax revenue dropped 840.6 M in the quarter to June 30 compared with the corresponding quarter last sear, according to a statement on the Public Accounts released by the Minister of Finance (Mr Muidoon). The figure for the latest quarter is 5383.3 M compared with 5423.9 M in the 1977-78 quarter. The total tax take for the quarter fell $26.1M to 5579.6 M. The accounts show that total receipts have increased 4.2 per cent, compared with the budgetted increase of 11.7 per cent. Mr Muldoon said the shortfall arose largely from

The Consolidated Account for June. 1977. includes SS4M as a special receipt. The figure was the quarterly contribution from the former National Development Loans account to the works and trading account: it was

tax refunds of the single- ; income family rebate and I the young-family tax re- I bate. The refunds for the i financial year ended March [ 31 were made in the first I quarter of this financial year. Expenditure trends generally were in line with the Budget and Estimates. The biggest increase in expenditure for the June luarter was for social services, which jumped SIO9M over the previous ’une quarter, to 5286.7 M. Taxation receipts included SISM from the first collections under the Road User Charges Act, 1977, Mr Muldoon said. The summary of the consolidated Account for the quarter ended June 30, 1978. is:

applied towards the cost of , land settlement and public : works activities. No ; similar transfer was made this year. It is intended that any contribution from loan« to Consolidated Accounts be made in the last qarter of the financial year.

June, 1977 June, 1978 Variation Revenue (in millions) Income tax 423.9 383.3 -40.6 Customs duty 60.0 62.0 +2.0 Sales tax 60.7 68.9 +8.2 Beer duty 10.8 10.1 -0.7 Motor spirits duty 16.7 1 23.0 +6.3 Energy resources levy 5.0 | 2.5 -2.5 Other taxes, including estate duty and foreign travel tax 28.6 29.8 + 1.2 Total taxation 605.7 579.6 -26.1 Othe receipts (interest profits, departmental) 125.5 159.0 +33.5 Special receipts 54.0 4.3 -49.7 Expenditure (in millions) .. 785.2 742.9 -42.3 Permanent appropriations .. 162.1 127.2 -34.9 Annual appropriations — administration 95.0 141.6 +46.6 Foreign relations 55.6 66.3 -r 10.7 Development of industry 110.1 140.9 +30.8 Education 214.7 243.9 -29.2 Social sen ices .. .. 177.7 286.7 -+ 109.0 Health 167.7 196.1 -r 28.4 Transport and communications 18.0 16.7 -1.3 Special payments — 1.0 + 1.0 —— 1,000.9 1,220.4 +219.5