Crown operating deficit smaller than forecast on gain in income tax

Thu, 04 Apr 2013

April 5 (BusinessDesk) - The New Zealand government had a smaller operating deficit than expected in the first eight months of the financial year as it took in more income tax and tax from source deductions than it had forecast. The operating balance before gains and losses (obegal) was a deficit of $3 billion in the eight months ended Feb. 28, 16 percent smaller than forecast in the December half-year economic and fiscal update. Core Crown tax revenue was $37.6 billion in the first eight months of the year, which was $719 million, or 2 perc...

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