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February 23, 2009 New Zealand Taxation
The Governmental spending power is lower than the forecast pre-election figures, a lower tax revenue is blamed.
According to the financial statements released by the New Zealand Government under the Public Finance Act 1989, the government is operating with a much lower monetary amount than previously predicted. Chief blame behind this rest with the lowered tax revenue experienced by the government, with figures of $29,344 million as opposed to the December forecast of $30,529 million. Similarly the Crown’s core expenses were almost one billion dollars higher than expected.
ACC contributed a nearly $2.4 billion dollar extra loss to the government budget, on top of the tax lowering...Read More