NZ operating deficit smaller than predicted on bumper company tax take

Mon, 03 Jun 2013

By Paul McBeth June 4 (BusinessDesk) - The New Zealand government reported a smaller operating deficit than predicted in last month’s Budget forecasts as improving corporate profitability underpinned a bigger company tax take. The operating balance before gains and losses (obegal) was a deficit of $3.99 billion in the 10 months ended April 30, smaller than the $4.65 billion shortfall projected in the Budget Economic and Fiscal Update, according to the Crown’s latest accounts. Core tax revenue was $486 million ahead of expectations at $48.2 b...

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