Canadian Finance Minister Jim Flaherty has announced an increase in tax revenues collected in the first half of the fiscal year, and a narrowing of the government's budget deficit.
Reporting on the first six months of the 2010-11 fiscal year, revenues showed an increase of CAD7.8bn or 7.6% compared with the same period last year. Flaherty said that the figures reflected higher revenues from Goods and Services Tax, personal and corporate income tax.
During this period, the budgetary deficit stood at CAD17.4bn, compared to a deficit of CAD28.6bn reported in the same period of 2009–10. Approximately CAD9bn of the CAD17.4bn deficit was attributable to actions taken under Canada’s Economic Action Plan, including tax reductions, Employment Insurance-related measures and infrastructure funding.
.Tags: tax | budget | corporation tax | goods and services tax (GST) | individual income tax | Canada | revenue statistics | services | Canada
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