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Budget 2006 Home Page Half Year Economic & Fiscal Update 2006

Notes to the Forecast Financial Statements

  2006 Actual 2007 Previous Budget 2007 Forecast 2008 Forecast 2009 Forecast 2010 Forecast 2011 Forecast
NOTE 1:  Revenue Collected Through the Crown's Sovereign Power        
Income Tax Revenue (accrual)              
Individuals              
Source deductions 19,936 20,534 21,231 22,140 23,121 24,480 25,838
Other persons 4,940 4,393 4,477 4,506 4,681 4,984 5,229
Refunds (953) (962) (1,039) (1,047) (1,045) (1,049) (1,072)
Fringe benefit tax 450 425 443 465 486 513 534
Total Individuals 24,373 24,390 25,112 26,064 27,243 28,928 30,529
               
Corporate Tax              
Gross companies tax 9,413 7,966 7,799 7,904 8,449 9,287 9,609
Refunds (270) (205) (240) (245) (260) (260) (260)
Non-resident withholding tax 1,096 874 1,178 1,115 1,183 1,240 1,296
Foreign-source dividend withholding payments 160 220 168 173 178 183 188
Total Corporate Tax 10,399 8,855 8,905 8,947 9,550 10,450 10,833
               
Other Income Tax              
Resident withholding tax on interest income 1,879 2,079 2,115 2,189 2,142 2,090 2,141
Resident withholding tax on dividend income 74 56 81 86 88 90 92
Estate and gift duties 3 2 2 2 2 2 2
Total Other Income Tax 1,956 2,137 2,198 2,277 2,232 2,182 2,235
Total Income Tax 36,728 35,382 36,215 37,288 39,025 41,560 43,597
               
Goods and Services Tax              
Gross goods and services tax 18,241 18,542 18,830 19,563 20,457 21,184 22,151
Refunds (7,664) (8,028) (8,121) (8,382) (8,839) (9,285) (9,705)
Total Goods and Services Tax 10,577 10,514 10,709 11,181 11,618 11,899 12,446
               
Other Taxation              
Petroleum fuels excise 852 914 893 906 920 930 940
Tobacco excise2 834 145 246 150 152 154 155
Customs duty 1,083 1,773 1,724 1,842 1,819 1,830 1,868
Road user charges 731 793 772 819 877 932 988
Alcohol excise 516 537 544 565 586 604 622
Gaming duties 275 256 230 219 218 218 216
Motor vehicle fees 221 223 224 229 238 245 250
Energy resources levies 73 58 69 66 64 61 64
Approved issuer levy (AIL) and cheque duty 83 74 82 79 79 79 79
Total Other Indirect Taxation 4,668 4,773 4,784 4,875 4,953 5,053 5,182
Total Indirect Taxation 15,245 15,287 15,493 16,056 16,571 16,952 17,628
Total Tax Revenue Collected 51,973 50,669 51,708 53,344 55,596 58,512 61,225
               
Other Sovereign Revenues (accrual)              
ACC levies 2,326 2,189 2,171 2,186 2,230 2,292 2,349
Fire Service levies 254 253 255 256 257 258 259
EQC levies 82 83 84 86 87 89 91
Other levies 749 654 784 813 834 844 856
Total Other Sovereign Revenues 3,411 3,179 3,294 3,341 3,408 3,483 3,555
Forecast revenue allocation ..  ..  ..  ..  (1,000) (1,000) (1,000)
Total Sovereign Revenue 55,384 53,848 55,002 56,685 58,004 60,995 63,780

2 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.

Notes to the Forecast Financial Statements

  2006 2007 Previous 2007 2008 2009 2010 2011
($ million) Actual Budget Forecast Forecast Forecast Forecast Forecast
NOTE 1:  Receipts Collected Through the Crown's Sovereign Power          
Income Tax Receipts (cash)              
Individuals              
Source deductions 19,897 20,534 21,231 22,140 23,121 24,480 25,838
Other persons 4,883 5,189 5,189 5,324 5,421 5,823 6,053
Refunds (1,503) (1,780) (1,776) (1,920) (1,927) (1,930) (1,940)
Fringe benefit tax 450 421 450 460 482 503 527
Total Individuals 23,727 24,364 25,094 26,004 27,097 28,876 30,478
               
Corporate Tax              
Gross companies tax 8,512 8,602 8,431 8,524 8,501 9,943 10,285
Refunds (833) (746) (1,000) (877) (887) (904) (907)
Non-resident withholding tax 1,093 874 1,128 1,115 1,183 1,240 1,296
Foreign-source dividend withholding payments 157 220 169 173 178 183 188
Total Corporate Tax 8,929 8,950 8,728 8,935 8,975 10,462 10,862
               
Other Income Tax              
Resident withholding tax on interest income 1,862 2,078 2,111 2,190 2,143 2,091 2,142
Resident withholding tax on dividend income 74 56 81 86 88 90 92
Estate and gift duties 2 2 2 2 2 2 2
Total Other Income Tax 1,938 2,136 2,194 2,278 2,233 2,183 2,236
Total Income Tax 34,594 35,450 36,016 37,217 38,305 41,521 43,576
               
Goods and Services Tax              
Gross goods and services tax 17,705 18,183 18,275 19,202 20,096 20,823 21,790
Refunds (7,216) (7,669) (7,568) (8,019) (8,476) (8,922) (9,342)
Total Goods and Services Tax 10,489 10,514 10,707 11,183 11,620 11,901 12,448
               
Other Taxation              
Petroleum fuels excise 847 914 893 906 920 930 940
Tobacco excise 842 145 246 150 152 154 155
Customs duty 1,074 1,773 1,724 1,842 1,819 1,830 1,868
Road user charges 721 793 772 819 877 932 988
Alcohol excise 514 537 544 565 586 604 622
Gaming duties 273 257 231 220 219 219 217
Motor vehicle fees 199 223 224 229 238 245 250
Energy resources levies 73 58 71 66 64 61 64
Approved issuer levy (AIL) and cheque duty 80 74 82 79 80 79 79
Total Other Indirect Taxation 4,623 4,774 4,787 4,876 4,955 5,054 5,183
Total Indirect Taxation 15,112 15,288 15,494 16,059 16,575 16,955 17,631
Total Tax Receipts Collected 49,706 50,738 51,510 53,276 54,880 58,476 61,207
               
Other Sovereign Receipts (cash)              
ACC levies 2,256 2,105 2,159 2,186 2,220 2,273 2,302
Fire Service levies 254 253 255 256 257 258 259
EQC levies 83 83 84 86 88 90 91
Other levies 653 606 639 669 682 683 685
Total Other Sovereign Receipts 3,246 3,047 3,137 3,197 3,247 3,304 3,337
Forecast revenue allocation ..  ..  ..  ..  (1,000) (1,000) (1,000)
Total Sovereign Receipts 52,952 53,785 54,647 56,473 57,127 60,780 63,544

 

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