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Budget 2007 Home Page Half Year Economic & Fiscal Update 2007

Notes to the Forecast Financial Statements

NOTE 1:  Revenue Collected Through the Crown's Sovereign Power
  2007 2008 2008 2009 2010 2011 2012
  Actual Previous
Budget
Forecast Forecast Forecast Forecast Forecast
  $m $m $m $m $m $m $m
Taxation Revenue (accrual)              
Individuals              
PAYE 20,987 22,334 22,578 23,978 25,409 27,086 28,733
Other persons 4,440 4,553 5,120 5,360 5,535 5,788 6,014
Refunds (1,080) (1,102) (1,175) (1,180) (1,282) (1,289) (1,323)
Fringe benefit tax 468 474 519 523 547 574 598
Total Individuals 24,815 26,259 27,042 28,681 30,209 32,159 34,022
Corporate Tax              
Gross companies tax 8,808 8,222 9,174 7,587 8,298 8,499 8,957
Refunds (296) (255) (310) (300) (300) (300) (300)
Non-resident withholding tax 1,189 1,005 1,268 1,311 1,290 1,211 1,266
Foreign-source dividend w/holding payments 149 102 93 77 77 77 77
Total Corporate Tax 9,850 9,074 10,225 8,675 9,365 9,487 10,000
Other Income Tax              
Resident w/holding tax on interest income 2,227 2,340 2,554 2,809 2,873 2,904 2,988
Resident w/holding tax on dividend income 89 92 87 100 234 280 282
Estate and gift duties 2 2 3 3 3 3 3
Total Other Income Tax 2,318 2,434 2,644 2,912 3,110 3,187 3,273
Total Income Tax 36,983 37,767 39,911 40,268 42,684 44,833 47,295
Goods and Services Tax              
Gross goods and services tax 19,533 19,726 20,174 21,295 22,244 23,313 24,195
Refunds (8,325) (8,231) (8,390) (9,201) (9,714) (10,208) (10,649)
Total Goods and Services Tax 11,208 11,495 11,784 12,094 12,530 13,105 13,546
Other Indirect Taxation              
Petroleum fuels excise 819 903 885 904 908 910 953
Tobacco excise 238 148 138 148 150 153 155
Customs duty 1,836 1,865 1,870 1,902 1,950 2,027 2,121
Road user charges 786 877 875 964 1,021 1,081 1,086
Alcohol excise 553 586 579 609 639 669 700
Gaming duties 230 215 238 245 252 258 266
Motor vehicle fees 222 219 219 221 226 232 233
Energy resources levies 54 34 48 44 44 44 44
Approved issuer levy and cheque duty 94 64 92 93 94 95 96
Total Other Indirect Taxation 4,832 4,911 4,944 5,130 5,284 5,469 5,654
Total Indirect Taxation 16,040 16,406 16,728 17,224 17,814 18,574 19,200
Total Taxation Revenue 53,023 54,173 56,639 57,492 60,498 63,407 66,495
Other Sovereign Revenue (accrual)              
ACC levies 2,667 2,654 2,712 2,722 2,803 2,876 2,956
Fire Service levies 265 261 283 248 281 283 285
EQC levies 84 86 85 87 89 91 93
Other miscellaneous items 685 692 694 768 1,170 1,559 1,570
Total Other Sovereign Revenue 3,701 3,693 3,774 3,825 4,343 4,809 4,904
Forecast revenue reduction contingency (375) (1,500) (1,600) (1,700)
Total Sovereign Revenue 56,724 57,866 60,413 60,942 63,341 66,616 69,699

Notes to the Forecast Financial Statements

NOTE 1 (continued): Receipts Collected Through the Crown's Sovereign Power
  2007 2008 2008 2009 2010 2011 2012
  Actual Previous
Budget
Forecast Forecast Forecast Forecast Forecast
  $m $m $m $m $m $m $m
Income Tax Receipts (cash)              
Individuals              
PAYE 21,012 22,334 22,527 23,924 25,354 27,031 28,678
Other persons 5,121 5,430 5,905 6,268 6,559 6,771 7,025
Refunds (1,850) (2,017) (2,217) (2,325) (2,405) (2,430) (2,494)
Fringe benefit tax 482 470 490 515 540 566 590
Total Individuals 24,765 26,217 26,705 28,382 30,048 31,938 33,799
Corporate Tax              
Gross companies tax 9,120 9,184 9,619 8,213 8,817 8,974 9,195
Refunds (1,153) (1,041) (1,211) (1,057) (1,023) (925) (834)
Non-resident withholding tax 1,135 981 1,229 1,276 1,257 1,241 1,280
Foreign-source dividend w/holding payments 141 102 93 77 77 77 77
Total Corporate Tax 9,243 9,226 9,730 8,509 9,128 9,367 9,718
Other Income Tax              
Resident w/holding tax on interest income 2,192 2,340 2,558 2,811 2,875 2,906 2,990
Resident w/holding tax on dividend income 90 92 84 100 234 280 282
Estate and gift duties 3 2 3 3 3 3 3
Total Other Income Tax 2,285 2,434 2,645 2,914 3,112 3,189 3,275
Total Income Tax 36,293 37,877 39,080 39,805 42,288 44,494 46,792
Goods and Services Tax              
Gross goods and services tax 18,691 19,354 19,443 20,731 21,681 22,755 23,641
Refunds (7,625) (7,877) (8,156) (8,808) (9,321) (9,815) (10,256)
Total Goods and Services Tax 11,066 11,477 11,287 11,923 12,360 12,940 13,385
Other Indirect Taxation              
Petroleum fuels excise 835 903 885 904 908 910 953
Tobacco excise 265 148 138 148 150 153 155
Customs duty 1,778 1,865 1,870 1,902 1,950 2,027 2,121
Road user charges 791 877 875 964 1,021 1,081 1,086
Alcohol excise 549 586 579 609 639 669 700
Gaming duties 236 215 238 245 252 258 266
Motor vehicle fees 208 219 219 221 226 232 233
Energy resources levies 55 35 53 44 44 44 44
Approved issuer levy and cheque duty 74 64 92 93 94 95 96
Total Other Indirect Taxation 4,791 4,912 4,949 5,130 5,284 5,469 5,654
Total Indirect Taxation 15,857 16,389 16,236 17,053 17,644 18,409 19,039
Total Tax Receipts Collected 52,150 54,266 55,316 56,858 59,932 62,903 65,831
Other Sovereign Receipts (cash)              
ACC levies 2,607 2,561 2,610 2,989 2,888 2,984 3,055
Fire Service levies 268 263 271 278 283 285 287
EQC levies 84 86 86 88 90 91 93
Other miscellaneous items 459 562 604 636 652 666 678
Total Other Sovereign Receipts 3,418 3,472 3,571 3,991 3,913 4,026 4,113
Forecast revenue reduction contingency (375) (1,500) (1,600) (1,700)
Total Sovereign Receipts 55,568 57,738 58,887 60,474 62,345 65,329 68,244

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