Government Sees $398 Million Surplus
April 8, 2016 New Zealand Taxation
The New Zealand government has seen an unexpected surplus due to a rise in tax collections.
Over the eight months ending February 29th the government saw a surplus of NZD 398 million, according to data in the new Financial Statements of the Government of New Zealand released on April 8th by the Treasury.
The total Crown Revenue over the period reached NZD 48.1 billion, a level approximately NZD 606 million higher than forecast.
The Core Crown Expenses were approximately equivalent to the level forecast, reaching NZD 48.4 billion.
The improved overall performance was attributed to a higher-than-expected level of tax collections, with all major tax ending up at least 1 percent higher than predicted in the 2015 Half Year Economic and Fiscal Update.
Photo By: Nathan Hughes Hamilton