The decrease in government revenues is due to a decline in nontaxable revenues, with nontaxable budgetary receipts falling by 5 percent to $1.54 billion and
Treasury receipts dropping by 56.2 percent to $407.6 million.
First, cheaper petrol is seen as likely to boost consumer spending, lifting the wider economy - leading to upgraded growth forecasts in Wednesday's Budget - and feeding through to
Treasury receipts.
OBR figures show
Treasury receipts from oil and gas are due to plummet by 40 per cent in the next year.
"Countries with high debt levels have to hope that future economic growth will provide them with greater
treasury receipts so they can at least manage their debt.
The bulk of this belt-tightening is likely to come from public sector cuts, as increases in taxation - such as the new 50 per cent top rate due to come in next year - would reduce
Treasury receipts in the long-term by driving high earners and businesses overseas, said the CEBR.
The bulk of this belttightening is likely to come from public sector cuts, as increases in taxation would reduce
Treasury receipts in the long term by driving highearners and businesses overseas, said the CEBR.
The bulk of this belt-tightening is likely to come from public sector cuts, as increases in taxation - such as the new 50 per cent top rate due next year - would reduce
Treasury receipts in the long term by driving high-earners and businesses overseas, said the CEBR.
(9)
Treasury receipts fell from their high-water mark of $6.75 billion in fiscal year 1920 to $4 billion in 1922 in the wake of a severe post-war recession, but then leveled off--and even rose a bit in the second half of the decade--as a result of rapidly expanding economic activity.
Treasury receipts from profits have declined in five of the past six months.
The court, on 10 July, annulled a verdict against a Maltese gambling company (Zeturf) due the "expansive policy in the gaming sector aimed at increasing public
treasury receipts".
Many taxpayers currently have
treasury receipts issues before the California Settlement Bureau, or under audit with the potential for settlement.
It aims to increase
Treasury receipts thus reducing the Budget deficit from 12% to 9% of GDP.