The following table outlines the significant initiatives that have material fiscal impacts for Vote Revenue from the last 3 Budgets that impact the 2023–24 financial year. Initiatives included are those that have a fiscal impact over the forecast period of at least $50 million for departmental or $500 million for non-departmental revenue or expenditure.1 Initiatives that are technical in nature have not been included. Amounts are for the forecast period (5 years for operating and 10 years for capital) for each Budget.
Budget 2023
| Initiative | Original budget amount | Location of performance information |
|---|---|---|
|
Inland Revenue –cost pressure This initiative provides funding to meet inflationary cost pressures associated with technology and as a service expenditure and provides funding to give effect the Public Sector Pay Adjustment (PSPA) |
$37m and $126m for administration costs | This increase in expenditure is incorporated into the Vote Revenue departmental baseline and will be reported within existing financial measures. |
Budget 2022
| Initiative | Original Budget amount | Location of performance information |
|---|---|---|
| Cost of Living payment This initiative funded the cost of living payments and administration cost to help low and middle-income households to manage the rising cost of living. |
$14m for administration costs and $800m for payments | Cost of living payment statistics Information release - Cost of Living Payment Financial information on this payment is reported in the Statement of Non-departmental Budgeted and Actual Expenditure Incurred Against Appropriations table: Cost of Living Payment appropriation |
|
COVID-19 Support Payment The COVID-19 Support Payment was introduced as part of the Government’s COVID-19 support initiatives to help support viable and ongoing businesses or organisations that met the criteria. |
$1,530m for payments |
ird.govt.nz/about-us/tax-statistics/covid-19-support-payment-statistics ird.govt.nz/about-us/tax-statistics/resurgence-support-payment-statistics Pages 30 to 32, 55 and 120 of the 2022 Annual Report.
|
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Maintaining capability, integrity and to respond to demand This initiative provided time-limited funding to retain up to 240 full-time equivalent employees to support the response to and recovery from COVID-19. It enabled IR to address rising levels of unfiled returns and debt, support affected customers to get their tax obligations right from the start and respond to emerging integrity risks. The initiative also included funding to manage remuneration cost pressures. |
$155m for administration costs | Performance information relating to this initiative is integrated within existing IR performance measures. There were no new or amended performance measures for this initiative. |
|
Taxation of housing: limiting interest deductions for residential property This initiative recognises the additional tax revenue arising out of changes to interest deductibility rules for residential property and the related administration cost. |
$19m for administration costs and $1,770m tax revenue increase | |
|
COVID-19 Resurgence Support Payment The Resurgence Support Payment was introduced as part of the Government’s COVID-19 support initiatives to help support viable and ongoing businesses or organisations that met the criteria. |
$400 million for payments |
ird.govt.nz/about-us/tax-statistics/resurgence-support-payment-statistics Pages 30 to 32, 55 and 120 of the 2022 Annual Report.
|
Budget 2021
| Initiative | Original Budget amount | Location of performance information |
|---|---|---|
|
COVID-19 Resurgence Support Payment1 The Resurgence Support Payment was introduced as part of the Government’s COVID-19 support initiatives to help support viable and ongoing businesses or organisations that met the criteria. |
$400 million for payments |
ird.govt.nz/about-us/tax-statistics/resurgence-support-payment-statistics Pages 30 to 32, 55 and 120 of the 2022 Annual Report.
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1COVID-19 Resurgence Support Payment commenced May 2021 and an additional $2.727 billion was appropriated in 2021–22.
Last updated:
05 Dec 2024