Like I'm going to believe this

Tax officials admit $600m blunder – 18 Mar 2008 – Politics: New Zealand Political News, Analysis and Comment including 2008 election coverage – NZ Herald

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.

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