The Government’s accounts are in better shape than previously thought after tax officials today admitted making a $600 million blunder.
The Government took a massive hit to its books in January, with figures for the first seven months of the financial year showing its operating balance had moved $394 million into deficit – $4.2 billion below Treasury’s forecast.
It was the first time in almost 15 years the Government’s books had plunged into the red.
But Inland Revenue officials today revealed they had failed to take into account $600 million in provisional tax.
The revised accounts put the Government’s operating balance back in black to the tune of $200 million.
I find this very difficult to believe. These reports are done monthly using the same stats each time. I fail to see how someone missed a whole category from their spreadsheet which then “flowed” through. I smell a rat. Mistakes like this just don’t occur, ever!
It is complete bollocks that the IRD left out Provisional tax, the tax has been reported like for ever! It is inconceivable that some funstionary in IRD left it out…..for starters before sending the figures through they would have a feel whether they were right or wrong, if they felt wrong then you cross check everything, if they are right you breathe a sigh of relief that the calculation worked.
Don’t believe me, ask any accountant that runs accounts for a reasonable sized company if it is possible to “leave something out” of KPI’s like Provisional Tax. It doesn’t bloody happen.
As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story. When he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.
They say that news is something that someone, somewhere, wants kept quiet. Cam Slater doesn’t do quiet and, as a result, he is a polarising, controversial but highly effective journalist who takes no prisoners.
He is fearless in his pursuit of a story.
Love him or loathe him, you can’t ignore him.
To read Cam’s previous articles click on his name in blue.
