Top taxpayer billed $79m
May 04, 2012
The top salaries taxpayer paid $79 million in the 2011-12 tax year, an increase of $29 million on the previous year, the Inland Revenue Department said today.
The second and third people on the list paid $73 million and $61 million, up by $32 million and $33 million on the previous year.
However, the department said the net amount of tax paid in 2011-12 cannot be used to project the amount earned by a taxpayer in 2010-11 as the provisional tax is included in the payment.
It said some taxpayers are paying a particularly high amount of salaries tax, probably because they were in receipt of income other than basic salaries, including bonuses, commissions, allowances and share options.
The top profits taxpayer paid $3.52 billion, up $420 million on the year before.
It is said that these figures do not necessarily reflect overall revenue collection or the economic trend.