
This chapter provides an outline of the major changes to the list of tax expenditures since the 2003Tax Expenditures Statement. Since the 2003 Statement, twenty-twonew tax expenditures were added and fivetax expenditures have been deleted. In addition, fifteentax expenditures have been modified.
5.1 New tax expenditures
Table5.1 reports new tax expenditure items arising from measures that have been announced or legislated since the 2003Tax Expenditures Statement up to the date of publication of the 2004-05Mid-Year Economic and Fiscal Outlook. In addition, the table reports existing measures that were not previously reported as tax expenditures, but which have been recently identified as tax expenditures.
Table 5.1: New tax expenditures
Table 5.1: New tax expenditures (continued)
5.2 Modified tax expenditures
Table5.2 reports tax expenditures that have been modified since they were last reported in the 2003Tax Expenditures Statement (the respective tax expenditure reference codes from this Statement and the 2003Tax Expenditures Statement are shown in the first two columns of the table). Modified tax expenditures refer to tax expenditures that have changed materially, for example because of: a change to the benchmark; a decision to remove a tax expenditure in a certain year; an amalgamation of tax expenditures; or the inclusion of a new element to an existing tax expenditure. Anumber of items have been modified as a result of a review of tax expenditures. Items that have been modified as a result of a change to the applicable tax rate are not listed.
Table 5.2: Modified tax expenditures
Table 5.2: Modified tax expenditures (continued)
Table 5.2: Modified tax expenditures (continued)
5.3 Deleted tax expenditures
Table5.3 reports tax expenditures that have been deleted since the 2003Tax Expenditures Statement. Deleted tax expenditures do not include tax expenditures that have been abolished but are still reported because they have an impact over the reported time horizon, which extends back to 2000-01. (Instead, tax expenditures that have been abolished but which still have an impact within the reporting period are generally reported as being modified.)
Table 5.3: Deleted tax expenditures
