Core Crown tax revenue higher than expected in May accounts

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Thu, 04 Jul 2024

Government tax intake is $1.57 billion higher than forecast, according to the latest Crown accounts.Treasury released the interim financial statements for the 11 months ended May 31 on Wednesday morning, which showed core Crown tax revenue was $111.12b.This was 1.4% more than the $109.55b forecast in the Budget Economic Fiscal Update published on May 30. Treasury said the variance was due to higher-than-expected tax revenue from Portfolio Investment Entities (PIE) on the back of strong investment performance and resident withholding tax (R...

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