Personal Income Tax
Personal Income Tax (PIT) collections, estimated at $4.3 billion, will be $0.3 billion (8.7%)
higher than FY2004 collections, but $0.1 billion (3.2%) lower than estimated at the start of
the FY. While the strong wage growth in 2004 did translate to higher PIT collections, the
increase was less than budgeted due to a larger amount of reliefs being claimed by
taxpayers than originally estimated.