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Budget 2011 Home Page Budget Economic and Fiscal Update 2011

Table 9 - Treasury and Inland Revenue forecasts of tax revenue (accrual)

Table 9 - Treasury and Inland Revenue forecasts of tax revenue (accrual)
$ million 2009/10
Actual 		 2010/11
Forecast 		2011/12
Forecast 		2012/13
Forecast 		2013/14
Forecast 		2014/15
Forecast
  Treasury IRD Difference Treasury IRD Difference Treasury IRD Difference Treasury IRD Difference Treasury IRD Difference

Direct tax

                  

Individuals

                  
Source deductions 22,135 21,161 21,083 78 21,636 21,398 238 23,614 23,305 309 25,212 25,019 193 26,833 26,706 127
Other persons tax 3,987 3,822 3,670 152 4,342 4,106 236 4,672 4,296 376 4,654 4,615 39 4,748 4,856 (108)
Refunds (1,831) (1,681) (1,660) (21) (1,656) (1,650) (6) (1,701) (1,530) (171) (1,574) (1,390) (184) (1,435) (1,330) (105)
Fringe benefit tax 461 461 455 6 430 462 (32) 457 481 (24) 481 497 (16) 505 529 (24)
Subtotal: Individuals 24,752 23,763 23,548 215 24,752 24,316 436 27,042 26,552 490 28,773 28,741 32 30,651 30,761 (110)
Company tax (net) 6,631 7,834 8,120 (286) 8,423 8,473 (50) 8,829 8,511 318 9,586 8,853 733 10,089 9,097 992

Withholding taxes on:

                  
Resident interest income 1,804 1,707 1,695 12 1,665 1,654 11 1,986 1,910 76 2,527 2,274 253 3,084 2,703 381
Non-resident income 884 498 445 53 508 495 13 573 560 13 643 630 13 688 660 28
Foreign-source dividends (3) 1 1 ..  1 1 ..  1 1 ..  1 1 ..  1 1 .. 
Resident dividend income 130 203 201 2 209 211 (2) 292 286 6 470 461 9 489 466 23
Subtotal: Withholding tax 2,815 2,409 2,342 67 2,383 2,361 22 2,852 2,757 95 3,641 3,366 275 4,262 3,830 432
Total income tax 34,198 34,006 34,010 (4) 35,558 35,150 408 38,723 37,820 903 42,000 40,960 1,040 45,002 43,688 1,314
Other: Estate and gift duties 2 2 2 ..  ..  ..  ..  ..  ..  ..  ..  ..  ..  ..  ..   .. 
Total direct tax 34,200 34,008 34,012 (4) 35,558 35,150 408 38,723 37,820 903 42,000 40,960 1,040 45,002 43,688 1,314

Indirect tax

                  
GST (net) 16,729 19,155 19,118 37 21,283 21,548 (265) 22,555 22,450 105 23,723 23,666 57 24,840 24,754 86

Excise duties on:

                  
Alcoholic drinks 600 625 639 (14) 665 659 6 700 695 5 732 732 ..  765 771 (6)
Tobacco products 217 238 225 13 251 241 10 259 251 8 257 254 3 259 259 .. 
Petroleum fuels 805 862 829 33 886 896 (10) 903 904 (1) 940 943 (3) 975 971 4
Subtotal: excise duties 1,622 1,725 1,693 32 1,802 1,796 6 1,862 1,850 12 1,929 1,929 ..  1,999 2,001 (2)

Other indirect tax

                  
Customs duty 1,873 1,991 1,978 13 2,053 2,060 (7) 2,089 2,089 ..  2,107 2,089 18 2,136 2,089 47
Road user charges 910 995 1,010 (15) 1,049 1,050 (1) 1,134 1,125 9 1,214 1,190 24 1,289 1,255 34
Gaming duties 265 263 261 2 268 262 6 272 267 5 276 271 5 279 275 4
Motor vehicle fees 171 169 170 (1) 168 175 (7) 171 185 (14) 174 190 (16) 177 195 (18)
Exhaustible resource levy 39 36 37 (1) 38 36 2 36 35 1 36 37 (1) 36 40 (4)
Approved issuer levy, cheque duty & other 90 88 98 (10) 88 88 ..  88 83 5 88 83 5 88 83 5
Subtotal: Other indirect tax 3,348 3,542 3,554 (12) 3,664 3,671 (7) 3,790 3,784 6 3,895 3,860 35 4,005 3,937 68
Total indirect tax 21,699 24,422 24,365 57 26,749 27,015 (266) 28,207 28,084 123 29,547 29,455 92 30,844 30,692 152
Total tax 55,899 58,430 58,377 53 62,307 62,165 142 66,930 65,904 1,026 71,547 70,415 1,132 75,846 74,380 1,466
Total tax (% of GDP) 29.6% 29.2% 29.2% 0.0% 29.8% 29.7% 0.1% 30.0% 29.6% 0.5% 30.5% 30.1% 0.5% 30.8% 30.2% 0.6%

less Core Crown tax eliminations

                 
Core Crown income tax (27) 795 795   367 367 404 404   443 443 485 485  
GST on Crown expenses and departmental outputs 4,812 5,949 5,949   6,241 6,241 6,129 6,129   6,168 6,168 6,372 6,372  
Crown ESCT 349 482 482   462 462 476 476   480 480 484 484  
Crown AIL 21 15 15   15 15 15 15   15 15 15 15  
Core Crown taxation 50,744 51,189 51,136 53 55,222 55,080 142 59,906 58,880 1,026 64,441 63,309 1,132 68,490 67,024 1,466
Core Crown tax (% of GDP) 26.8% 25.6% 25.6% 0.0% 26.4% 26.3% 0.1% 26.9% 26.4% 0.5% 27.5% 27.0% 0.5% 27.8% 27.2% 0.6%

less Total Crown tax eliminations

                 
Income tax from SOEs and CEs 339 495 495   478 478 578 578   629 629 683 683  
Other Crown GST ..  ..  ..    ..  ..  ..  ..    ..  ..  ..  ..   
ESCT from SOEs and CEs 12 9 9   9 9 9 9   10 10 10 10  
Lottery duty 46 45 45   45 45 49 49   50 50 51 51  
Total Crown taxation 50,347 50,640 50,587 53 54,690 54,548 142 59,270 58,244 1,026 63,752 62,620 1,132 67,746 66,280 1,466
Total Crown tax (% of GDP) 26.6% 25.3% 25.3% 0.0% 26.1% 26.1% 0.1% 26.6% 26.1% 0.5% 27.2% 26.7% 0.5% 27.5% 26.9% 0.6%
Nominal GDP 189,122 199,819 199,819 ..  209,178 209,178 ..  222,916 222,916 ..  234,237 234,237 ..  246,098 246,098 .. 
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