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The FY2004 operating revenue estimate of $28.31 billion is
an increase of $2.70 billion (10.5%) over the revised FY2003
estimate. The distribution of operating revenue by the main
components of tax revenue, fees and charges, and miscellaneous
collection is shown in the chart below.
Tax revenue for FY2004 is estimated at $24.57 billion or
13.8% higher than the revised FY2003 collection. This generally
reflects higher expected collections across-the-board, ranging
from corporate income tax, personal income tax, property tax,
motor vehicle taxes to goods and services tax (GST).
Corporate income tax and personal income tax collections
are expected to increase by 6.0% to $6.57 billion, and 10.9%
to $3.84 billion respectively, in line with the anticipated
modest economic recovery in FY2004. Receipts from property
tax are projected to increase by 28.6% to $1.8 billion without
the extension of rebates on commercial and industrial buildings
after December 2003, and the tax exemption for land under
development after October 2003. Motor vehicle taxes are expected
to increase by 15.7% to $2.15 billion due to higher collections
from additional registration fees. GST is expected to increase
by 22.6% to $3.8 billion with the increase in GST rate from
4% to 5% in January 2004.
Revenue from fees and charges is projected at $3.61 billion
or 4.0% lower than the revised FY2003 collection. This is
attributed to lower expected Certificate of Entitlement (COE)
collections.
Other revenue, comprising loan related and financial receipts,
is estimated to decrease by 49% to $0.13 billion due to expected
lower collection from financial receipts.
The operating revenue trends for FY1998 to FY2004 are shown
in the chart below.
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