Opposition says their earlier claims vindicated

Government’s drastic downward revision in the Appropriation Amendment of the expected revenue from the 15 per cent withholding tax is evidence government’s calculations were flawed claims the Democratic Party Opposition.
Government estimated the tax would generate $1 million but the revised estimate is $586,000.
The Opposition earlier claimed the tax would only generate $204,207.
The Opposition’s calculations are set out below in a reprint of the story which appeared in the Herald on 13 July 2011.
While government’s revised estimate is higher than the Opposition’s estimate, the Opposition point out that their calculations were based on the banking statistics provided by MFEM.

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