tax revenue tagged posts
May 23, 2016 New Zealand Taxation
In a few days time the average New Zealand taxpayer would have earned enough to pay their taxes for the year.
In a press release issued on May 23rd the New Zealand Taxpayers’ Union revealed that Tax Freedom Day in 2016 falls on the same day as the national budget announcement, May 26th.
According to the Tax Payer’s Union, the general government outlays of the New Zealand government are 40 percent, meaning that Tax Freedom Day will fall at 11:12am on Thursday.
Tax Freedom Day is a hypothetical measure of how long an average taxpayer needs to work in order to pay for their entire tax obligation for the year.
The fall of Tax Freedom Day is 3 days later than in Canada, and 15 days later than in Australia.Read More
Photo by yum9me
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,...Read More
November 11, 2014 New Zealand Taxation
Domestic abuse costs New Zealand at least NZD 600 million in lost tax revenues every year.
Late last week the independent Glenn Inquiry issued a new statement with the results of new research on the financial cost that domestic abuse has on the country.
According to the experts of the Glenn Inquiry, domestic abuse results in a loss of NZD 7 billion each year in New Zealand, and over the next ten years the costs could keep rising, leading to a total spend of NZD 80 billion over the next decade.
At least NZD 600 million of the total costs borne by New Zealand each year is made up of ACC payments, extra-welfare payments and losses to collections of tax revenues due to domestic violence, while an extra NZD 1 billion comes in the form of lost productivity and wages, while NZD 377 million goes...Read More
May 6, 2013 New Zealand Taxation
Higher than expected tax collections have put the country’s tax revenues above target.
On May 6th the Treasury of New Zealand released the Financial Statements of the Government of New Zealand for March 2013 and the Tax Outrun Data for March 2013, showing the taxes collected over the last nine months.
According to the Statements, the unconsolidated tax revenues for the nine months ending March 2013 reached NZD 937 million, approximately 2 percent above the government’s forecast detailed in the 2012 Half Year Economic and Fiscal Update, and nearly 6.3 percent higher than during the same period last year.
Commenting on the better than expected results, the Minister of Finance Bill English said ” …the financial statements show that continued spending restraint is important as we remain on tra...Read More