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Budget 2007 Home Page Budget Economic and Fiscal Update [2007]

Notes to the Forecast Financial Statements

NOTE 1a: Revenue Collected Through the Crown's Sovereign Power
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($ million) 2006 Actual 2007 Previous Budget 2007 Forecast 2007 Forecast 2008 Forecast 2009 Forecast 2010 Forecast 2011 Forecast

Income Tax Revenue (accrual)

               

Direct Income Tax

               
Individuals
               
Source deductions 19,936 20,534 21,012 21,012 22,334 23,695 25,094 26,619
Other persons 4,940 4,393 4,474 4,474 4,553 4,774 5,169 5,529
Refunds (953) (962) (1,085) (1,085) (1,102) (1,130) (1,205) (1,260)
Fringe benefit tax 450 425 455 455 474 498 519 546
Total individuals 24,373 24,390 24,856 24,856 26,259 27,837 29,577 31,434
Corporate Tax
               
Gross companies tax 9,413 7,966 7,878 7,995 8,222 7,469 7,765 8,190
Refunds (270) (205) (252) (252) (255) (260) (260) (260)
Non-resident withholding tax 1,096 874 1,142 1,142 1,005 1,002 1,020 1,009
Foreign-source dividend withholding payments 160 220 146 146 102 86 86 86
Total corporate tax 10,399 8,855 8,914 9,031 9,074 8,297 8,611 9,025
Other Income Tax
               
Resident withholding tax on interest income 1,879 2,079 2,156 2,156 2,340 2,441 2,362 2,376
Resident withholding tax on dividend income 74 56 89 89 92 114 249 296
Estate and gift duties 3 2 4 4 2 2 2 2
Total other income tax 1,956 2,137 2,249 2,249 2,434 2,557 2,613 2,674
Total direct income tax 36,728 35,382 36,019 36,136 37,767 38,691 40,801 43,133

Indirect Tax

               
Goods and Services Tax
               
Gross goods and services tax 18,241 18,542 19,053 19,054 19,726 20,704 21,729 22,844
Refunds (7,664) (8,028) (8,332) (8,332) (8,231) (8,711) (9,396) (9,948)
Total goods and services tax 10,577 10,514 10,721 10,722 11,495 11,993 12,333 12,896
Other Indirect Taxation
               
Petroleum fuels excise 852 914 881 881 903 921 938 955
Tobacco excise[3] 834 145 244 244 148 150 152 154
Customs duty 1,083 1,773 1,760 1,760 1,865 1,849 1,873 1,921
Road user charges 731 793 785 785 877 933 988 1,043
Alcohol excise 516 537 559 559 586 614 641 670
Gaming duties 275 256 230 231 215 214 212 212
Motor vehicle fees 221 223 220 220 219 228 233 239
Energy resources levies 73 58 49 49 34 34 34 64
Approved issuer levy (AIL) and cheque duty 83 74 71 71 64 64 64 64
Total other indirect taxation 4,668 4,773 4,799 4,800 4,911 5,007 5,135 5,322
Total indirect taxation 15,245 15,287 15,520 15,522 16,406 17,000 17,468 18,218
Total taxation revenue 51,973 50,669 51,539 51,658 54,173 55,691 58,269 61,351

Other Sovereign Revenues (accrual)

               
ACC levies 2,326 2,189 2,454 2,647 2,654 2,726 2,807 2,883
Fire Service levies 254 253 259 259 261 263 265 267
EQC levies 82 83 84 84 86 87 89 91
Other levies 749 654 711 701 692 681 685 690
Total Other Sovereign Revenues 3,411 3,179 3,508 3,691 3,693 3,757 3,846 3,931
Total Sovereign Revenue 55,384 53,848 55,047 55,349 57,866 59,448 62,115 65,282
  • [3] From 2006/07 a larger portion of tobacco products will be supplied by imports. This will increase customs duty at the expense of tobacco excise duty.

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