Tax Take Dips Again
December 5, 2012 New Zealand Taxation
New Zealand has seen another quarter of disappointing tax results.
On December 5th the Treasury of New Zealand released its monthly Tax Outrun Data report, showing that tax revenues over the October quarter were 0.7 percent below forecasts but 4.7 percent higher than in the same period last year.
According to the Treasury, the main variance between realized results and forecasts revenues were due to lower than forecast GST collections and lower than expected collections of indirect taxes.
GST for the 4 months was 5 percent below expected, due to weakened levels of private consumption.
Cumulative collection of indirect taxes such as road used charges were 14.2 percent lower than estimated, but the Treasury believes that this is a timing issue which could be resolved during the remaining quarter of 2012.
Photo by patrick h. lauke