In 2013-14, the Inland Revenue Department collected $243.5 billion. It represents a slight increase of $1.4 billion or 0.6% over the amount collected in the previous year. The increase mainly came from salaries tax and betting duty. Salaries tax collections increased by 10% to $55.6 billion while betting duty climbed 9% to $18.1 billion. Total profits tax collections, on the other hand, fell by 4% to $120.9 billion. An analysis of the revenue collected by tax type is provided in Figure 1.
|Type of tax||2010-11
|Profits tax -|
|Total earnings & profits tax||143,006.7||176,821.8||182,441.8||183,505.9|
|Business registration fees||35.7||1,292.9||122.9||73.5|
|Total revenue collected||209,019.4||238,325.4||242,146.8||243,548.9|
|% change over previous year||16.7%||14.0%||1.6%||0.6%|
The revenue collected by the Department during 2013-14 accounted for 69.7% of the Government General Revenue (Figure 2). Profits tax contributed the largest part of the total revenue collected, followed by salaries tax. Together they made up 72.4% of the total revenue collected (Figure 3).
Figure 2Government General Revenue
Figure 3Composition of the revenue
In 2013-14, the cost of collection of revenue rose from 0.54% to 0.56% (Figure 4).