TOTAL ESTIMATED AND ACTUAL REVENUE FOR FIRST QUARTER OF 1960

Dato Abdul Hamid Bin Haji Jumat asked the Minister for Finance what were the total estimated revenue and the total actual revenue for the first three months of 1960.

Dr Goh Keng Swee: Mr Speaker, Sir, the hon. Member asked for details of the estimated total revenue and actual total revenue for the first quarter of this year.

Estimates of revenue are framed on an annual basis and not on a quarterly or monthly basis. The reason is that certain major items of revenue, of which income tax is the outstanding example, are not collected by regular and equal monthly amounts. In the case of income tax collections, for instance, the main harvest will be reaped during the months of June, July and August. The reason is that a time limit is set for the waiting of returns of income, only after which can the Department get down to the raising of assessments. Nevertheless, it does not mean that the Government does not continually examine each item of revenue to see whether or not its performance comes up to expectations.

In answer to the hon. Member, I can give him two assurances. First, the revenue position for the main items of revenue is satisfactory. Second, all efforts have been made to collect for the State revenue due to it, so that the final outcome will be as envisaged in the Estimates of Revenue, if not better.

Indeed, we have today before the Assembly the Income Tax (Amendment) Bill which will ensure more effective assessment and collection of income tax. Doubtless I can take it that the concern which the Member has expressed over the collection of State revenue would be more positively expressed in the form of support for the amending Bill.

As regards the second part of his question, that is, the total revenue for the first quarter of 1960, I submit a table for the information of the Member.

Mr Speaker: It will, of course, be for the information of all Member Following is the table: 1960 PROVISIONAL REVENUE FIGURES - FIRST QUATER ($000) January February March Total 1960 1960 1960 for Quarter $ $ $ $ CLASS I - Disposal of Goods and Services: A - Sale of Goods and Services from Current Operations ... ... ... 2,512 2,553 2,753 7,818 B - Reimbursement of Services ... ... 73 166 41 280 C - Sales of Existing Capital Goods ... 16 14 39 69 D - Overpayment, Recoveries and Refunds ... 171 204 129 504 ------ ------ ------ ------ 2,772 2,937 2,962 8,671 ------ ------ ------ ------ CLASS II - Income from Property: A - Interest and Dividends Recieved ... 120 12 16 148 ----- ----- ----- ----- CLASS III - Transfer Reciepts: A - Compulsary Transfers from Income Accountant of Domestic Sector ... 3,240 2,565 4,966 10,771 B - Taxes on Production and Expenditure ... 12,676 9,813 8,979 31,468 C - Transfers from Capital Account of Households ... ... ... 222 364 307 893 D - Transfers from Capital Account of Other Sectors ... ... ... - 6 6 12 ------ ------ ------ ------ 16,138 12,748 14,258 43,144 ------ ------ ------ ------ CLASS IV - Financial Claims: A - Repayment of Direct Loans and Advances - 10 - 10 B - Net Increase in Payables ... ... 1 - - 1 ------ ------ ------ ------ 1 10 - 11 ------ ------ ------ ------ CLASS V - Rural Board: 527 608 841 1,976 ------ ------ ------ ------ Grand Total ... 19,558 16,315 18,077 53,950 ------ ------ ------ ------