asked the Minister for Finance if he will state the approximate amount by which the yield from (a) income tax and (b) surtax would have been (1) increased or (2) decreased if the respective rates had been varied by 10 per cent. either way in each of the three financial years ended 31st March, 1960.
Written Answers. - Surtax and Income Tax Yields.
65.
Following is the information:—
|
Year |
Estimate of increase or decrease in yield if rates in force in the year* had been varied by 10 per cent. either way. |
|
|
(a) Income Tax£000 |
(b) Sur-tax£000. |
|
|
1957-58 |
1,600 |
100 |
|
1958-59 |
1,500 |
100 |
|
1959-60 |
1,400 |
90 |
*Sur-tax assessed for 1959-60 is payable on the 1st January 1961, and does not, therefore, affect the yield for 1959-60. It is presumed that in this case the reference to an increase or reduction in the rates charged in that year is to be taken as a reference to the rates charged in respect of the previous year, i.e., 1958-59, the Sur-tax for which is payable on the 1st January, 1960 (i.e., in 1959-60). The other two years are dealt with similarly.
Note.—Income tax and Sur-tax receipts for any year consist of tax payments made in that year in respect of tax due for various years. For example, the Income Tax receipt for 1959-60 consists of Income Tax paid in respect of (a) the year 1959-60, (b) the year 1958-59 and (c) various earlier years. The Sur-tax receipt for 1959-60 consists of Sur-tax paid in respect of (a) the year 1958-59, (b) the year 1957-58 and (c) various earlier years.
The estimates given in the above table are of the increase or reduction which would have occurred in the receipt for that particular year if the rates for that year had been increased or reduced by 10 per cent. The increase or reduction in a full year would be greater.