NZ Crown accounts unexpectedly in surplus in 10 months to April as PIE tax fills coffers

Mon, 08 Jun 2015

By Paul McBeth June 9 (BusinessDesk) - The New Zealand government reported an unexpected operating surplus in the 10 months through April as the Crown's tax coffers were bolstered by a bigger inflow from Portfolio Investment Entity tax and strong consumer spending. The operating balance before gains and losses (Obegal) was a surplus of $448 million in the 10 months ended April 30, compared to the forecast deficit of $555 million in the budget last month, and a turnaround from the year-earlier deficit of $1.37 billion. Tax revenue rose 8.9...

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