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The revised operating revenue for FY2003 is projected to
be $25.61 billion, an increase of $0.14 billion or 0.5% over
actual operating revenue for FY2002.
Tax Revenue is expected to increase by 0.4% to $21.59 billion.
This is mainly due to the expected increase in collections
from property taxes, motor vehicle taxes, customs & excise
taxes and GST.
Revenue from property taxes is expected to increase by 13.6%
to $1.40 billion due to the less rebates for commercial and
industrial buildings for the second half of 2003, and cessation
of the tax exemption for land under development in October
2003.
Motor vehicle tax collection is also anticipated to increase
by 28.6% to $1.86 billion. This is attributed to the increased
collection of additional registration fees.
Collection from GST is estimated to increase by 43.2% to
$3.10 billion on the back of the increase in GST rates to
4% in January 2003 and 5% in January 2004.
Revenue from fees and charges is projected to be $3.76 billion
or 1.2% lower than the FY2002 collection of $3.81 billion.
This is due to lower collections from the sale of goods and
rental income as a result of the weak property market.
Other miscellaneous revenue is expected to increase by 56.6%
to $0.25 billion due to the higher collection of financial
receipts.
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