ANNUAL REPORT & STATEMENT OF ACCOUNTS 17 During the year 2014, the actual revenue collection amounted to B, while the budgeted figure which was approved in the National Assembly was approximately B. Actual collections surpassed the budgeted amount by B or 1.6%. Total revenue for 2014 by tax type is set out in the Table above. Revenue collection under various heads exceeded the estimates by B, while collection under other heads was under the estimates by B. At the end of the year, refunds amounting to B were paid under the provisions for Mortgage Interest Relief. During the year, revenue amounting to B was deposited in the Consolidated Fund. Revenue collected during 2014 was greater than that collected during the preceding year. The actual collection for the year 2013 was B resulting in an increase of B or 9.6% in 2014. Income Tax and Corporation Tax continued to be the two major heads of revenue contributing approximately Band B respectively to total revenue. The charts overleaf show revenue collection in 2014 along with that of 2013.
