BUDGET 2013 ACC levy cuts to cancel out fiscal drag

Thu, 16 May 2013

by Pattrick Smellie May 16 (BusinessDesk) - Accident Compensation Corp levies are projected to be cut progressively to give businesses savings of $1 billion a year by 2015/16, roughly cancelling out the impact of fiscal drag on the government's accounts. The Budget documents show fiscal drag - where rising incomes move taxpayers into higher tax brackets and drag in more tax revenue - of about 0.2 percent, of $420 million a year in the current financial year, rising to 0.3 percent by 2016/17, or around $700 million. In a statement for the bud...

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