Tax Revenues See Marginal Spike

May 11, 2015 New Zealand Taxation

Tax revenues have risen, but the spike in collections may be only temporary.

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 tax revenues are up over the time period.

According to the information released by the Treasury the core crown tax revenues reached a level of NZD 48.2 billion, approximately 1.8 percent higher than detailed in the Half Year Economic and Fiscal Update issued in December last year.

However it was specifically noted that the increase was a product of temporary spike in the collection of personal income taxes and corporate income taxes, and a portion of the rise could be reversed by the end of the current year.

Alongside the increase in tax collections, the government also decreased expenditure by 0.2 percent.

Photo By: Nathan Hughes Hamilton