Statutory Boards’ Contribution
Statutory boards’ contributions in FY2005 are expected to be $1.2 billion which is 11.4%
lower than FY2004 but comparable to the estimates at the start of the FY. Lower receipts in
FY2005 is due to a corresponding decrease in the contribution rate, in line with the corporate
income tax rate cut from 22% to 20% for Year of Assessment (YA) 2005.
Assets Taxes
The revised FY2005 estimate for assets taxes – comprising property tax and estate duty – is
close to the Budget 2005 estimate of $1.9 billion.
Customs and Excise Taxes
Customs and excise taxes (on petroleum products, tobacco, liquors and motor vehicles) are
expected to be $2.0 billion, an increase of 5.1% from FY2004 but a decrease of 9.7% from
Budget 2005 estimates. The decrease was due to a larger than expected reduction in
demand for cigarettes and an increase in cigarette smuggling.
Goods and Services Tax
The Goods and Services Tax (GST) collections are estimated at $3.6 billion, representing an
increase of 3.8% over the $3.5 billion collected in FY2004 and reflecting the underlying
increase in private consumption expenditure due to sustained economic growth.