Taxpayers’ funds are the Crown’s net investment in Inland Revenue.
Taxpayers’ funds are divided and categorised into a number of components:
- total comprehensive revenue and expense
- repayment of surplus to the Crown
- capital injections
- capital withdrawals.
Inland Revenue’s capital is its taxpayers’ funds and is represented by net assets.
Inland Revenue manages its revenue, expenses, assets, liabilities and general financial dealings prudently. Inland Revenue’s taxpayers’ funds are largely managed as a by-product of managing revenue, expenses, assets, liabilities, and compliance with the Government Budget processes, the Treasury instructions and the Public Finance Act 1989.
The objective of managing Inland Revenue’s taxpayers’ funds is to ensure that Inland Revenue effectively achieves its agreed outcomes, and remains a going concern.