Economy

Bigger profits and spending bolster govt tax take

Paul McBeth
Fri, 29 Jan 2021

Bigger profits and spending bolster govt tax take
Paul McBeth
Fri, 29 Jan 2021
The government’s books are still in good shape with the first update of 2021 showing the tax take from consumer spending and company profits was better than expected.Core Crown tax revenue rose 5.3 percent to $37.58 billion in the five months ended Nov. 30, some $699 million more than Treasury officials forecast in December. That was due to GST returns rising 9.8 percent in the period compared to a year earlier, and the corporate tax take rising 7.2 percent from a time before the pandemic.At the same time, government spending was $546 mil...

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