26 / 55
Page | 25
o
Additionally, the government is assuming that the $377.9 billion tax
revenues anticipated for FY 2014/15 will be the actual outturn. However,
recall that tax revenues are running some $10 billion behind budget. So if
the actual outturn is $367.9 billion, then the anticipated increase in tax
revenues for FY 2015/16 over FY 2014/15 would be roughly 12%, a number
that is not credible. We recall that the current growth rate for taxes is
6.6%.