OTHER ITEMS

Evening Post, Volume CXXII, Issue 31, 5 August 1936, Page 6

OTHER ITEMS

CUSTOMS YIELD

s. . JESTIMATED INCREASE

THE SALES TAX

Other items of Revenue were dealt with briefly by the Minister. He estimated.an increase of £939,000 in Customs revenue.

' "Concerning the Customs revenue," said the Minister, "this is dependent upon imports, and 'our ability to buy goods from other 4 countries is, of course, governed by our exports. For the export year ended on June 30 last the value of exports in New Zealand currency was £53,660,000, compared with £42,954,000 for the previous year. Thus there is scope for a considerable expansion of imports, and the figures for recent months indicate that it is taking place. After a careful review of the position I- have placed the estimate ior Customs revenue for this year at £9,100,000, which is- £939,000 in excess of the amount received last

year.

"The increasing .turnover in goods will proportionately increase the yield from the sales tax, the estimate for which shows a comparative increase of £437,000. .Then the .general improvement in economic conditions will, it is anticipated, be reflected in an increase of £55,000 in beer duty and £388,000 in highways revenue. The latter consists mainly of the proceeds from the petrol tax and motor licence fees, and, as the people generally will have more leisure and more earnings, both these items are expected to- " show a substantial increase

"The remaining large item of taxation; stamp' and death duties, is expected to, yield, £368,000 more than was received last year. Death duties may return a somewhat greater sum this year, and the indications are that duty on instruments, impressed stamps, racing revenue, ■ and amusement tax will all contribute to the increase in revenue.

"The estimate for receipts from interest is £200,000 below the amount received last year, mainly due to the fact that an anticipated ■ increase in railway revenue will be more than offset by the cost-of restoring the salaries and wages to the 193 X level and> reducing the working hours of the staff. Consequently it is estimated that interest payable to the Consolidated Fund by the railways will this year be-lower by £151,000. '"Other Receipts' for this year are expected to be £635,000 in excess of the amount, received under this heading last year. This is mostly due to the;fact that the estimates allow for the transfer to the'Consolidaed Fund of £575,000, profits on the change over to our own silver coin."