The Treasury

Global Navigation

Personal tools

Government
Publication

Financial Statements of the Government of New Zealand for the Year Ended 30 June 2007

Notes to the Financial Statements

Note 1:  Tax and Levies Collected through the Crown’s Sovereign Power (Accrual)

Forecast   Actual

Original
Budget

Estimated
Actual

 

30 June
2007

30 June
2006

$m $m   $m $m
    Direct Income Tax Revenue (accrual) [1]    
    Individuals    
20,595 21,073 Source deductions 21,085 19,985
4,533 4,614 Other persons 4,440 5,075
(962) (1,085) Refunds (1,080) (953)
426 456 Fringe benefit tax 468 451
24,592 25,058 Total Individuals 24,913 24,558
    Corporate Tax    
8,353 8,265 Gross companies tax 8,618 9,439
(205) (252) Refunds (296) (270)
874 1,142 Non-resident withholding tax 1,189 1,096
220 146 Foreign-source dividend withholding payments 149 160
9,242 9,301 Total Corporate Tax 9,660 10,425
    Other Income Tax    
2,079 2,156 Resident withholding tax on interest income 2,227 1,880
56 89 Resident withholding tax on dividend income 89 74
2 4 Estate and gift duties 2 3
2,137 2,249 Total Other Income Tax 2,318 1,957
35,971 36,608 Total Direct Income Tax 36,891 36,940
    Indirect Tax Revenue (accrual)    
    Goods and Services Tax    
18,692 19,203 Gross goods and services tax 19,527 18,367
(8,028) (8,332) Refunds (8,325) (7,664)
10,664 10,871 Total Goods and Services Tax 11,202 10,703
    Other Indirect Taxation    
914 881 Petroleum fuels excise 819 852
145 244 Tobacco excise 238 834
1,773 1,760 Customs duty 1,836 1,083
793 785 Road user charges 786 731
537 559 Alcohol excise 553 516
256 230 Gaming duties 245 275
223 220 Motor vehicle fees 222 221
58 49 Energy resources levies 54 73
74 71 Approved issuer levy and cheque duty 92 83
4,773 4,799 Total Other Indirect Taxation 4,845 4,668
15,437 15,670 Total Indirect Taxation 16,047 15,371
51,408 52,278 Total Taxation Revenue 52,938 52,311
    Levies, fees, fines and penalties (accrual)    
2,189 2,454 ACC levies 2,476 2,326
253 259 Fire Service levies 265 254
83 84 EQC levies 84 82
654 711 Other 743 749
3,179 3,508 Total levies, fees, fines and penalties 3,568 3,411
54,587 55,786 Total Sovereign Revenue 56,506 55,722

Notes

  • [1] There has been a change in the disclosure of bad debt write-offs of tax receivables. Tax write-offs are now shown as an expense rather than netted off against revenue. To ensure consistency comparative figures have been adjusted to conform with this change in presentation.

Note 1:  Tax and Levies Collected through the Crown’s Sovereign Power (Cash)

Forecast   Actual

Original
Budget

Estimated
Actual

 

30 June
2007

30 June
2006

$m $m   $m $m
    Direct Income Tax Receipts (cash)    
    Individuals    
20,534 21,034 Source deductions 21,069 19,897
5,189 5,296 Other persons 5,121 4,883
(1,780) (1,858) Refunds (1,850) (1,503)
421 469 Fringe benefit tax 482 450
24,364 24,941 Total Individuals 24,822 23,727
    Corporate Tax    
8,602 8,865 Gross companies tax 9,016 8,512
(746) (1,091) Refunds (1,153) (833)
874 1,092 Non-resident withholding tax 1,135 1,093
220 148 Foreign-source dividend withholding payments 141 157
8,950 9,014 Total Corporate Tax 9,139 8,929
    Other Income Tax    
2,078 2,154 Resident withholding tax on interest income 2,192 1,862
56 91 Resident withholding tax on dividend income 90 74
2 4 Estate and gift duties 3 2
2,136 2,249 Total Other Income Tax 2,285 1,938
35,450 36,204 Total Direct Income Tax 36,246 34,594
    Indirect Tax Receipts (cash)    
    Goods and Services Tax    
18,183 18,415 Gross goods and services tax 18,713 17,705
(7,669) (7,604) Refunds (7,625) (7,216)
10,514 10,811 Total Goods and Services Tax 11,088 10,489
    Other Indirect Taxation    
914 881 Petroleum fuels excise 835 847
145 244 Tobacco excise 265 842
1,773 1,760 Customs duty 1,778 1,074
793 785 Road user charges 780 721
537 559 Alcohol excise 549 514
257 235 Gaming duties 246 273
223 220 Motor vehicle fees 208 199
58 53 Energy resources levies 55 73
74 71 Approved issuer levy and cheque duty 88 80
4,774 4,808 Total Other Indirect Taxation 4,804 4,623
15,288 15,619 Total Indirect Taxation 15,892 15,112
50,738 51,823 Total Taxation Receipts 52,138 49,706
    Levies, fees, fines and penalties (cash)    
2,105 2,401 ACC levies 2,416 2,256
253 262 Fire Service levies 268 254
83 85 EQC levies 84 83
606 639 Other 650 653
3,047 3,387 Total levies, fees, fines and penalties 3,418 3,246
53,785 55,210 Total Sovereign Receipts 55,556 52,952
Page top