New Zealand Sees Rise in Tax Collections
May 11, 2015 Taxation in New Zealand
WELLINGTON – Tax collections are on the rise in New Zealand, but the change is small, and may be reversed by the end of the year.
On May 11th the Treasury of New Zealand released the Financial Statements of the Government of New Zealand for the nine months ending March 31st 2015, showing that the government revenues for the period were above expectation.
Over the nine months the core crown tax revenues reached a level of NZD 48.2 billion, a level that is 1.8 percent above the forecast released earlier in December 2014.
It was noted that approximately half of the unexpected increase is a temporary spike caused by an unforeseen rise in the collection of corporate income tax and personal income tax, but this portion of the rise could be reversed by the end of June.
Alongside the increase in tax collections, the government also saw a 0.2 percent drop in core crown expenses.
Over all the variance from the forecasts lead to a 70.5 percent improvement in the operating balance before gains and losses.
Photo By: Ari Bakker