The Fiji Revenue and Customs Service has collected a cumulative net revenue of $2.285b at the end of 2022-23 fiscal year, exceeding the forecast by $33.3m or 1.5%.

Total revenue collections also surpassed 2021-22 fiscal year collections by $592.7m or 35 percent.

The positive out-turn stems from the outstanding July performance, which recorded net revenue of $213.9m with a positive variance of $22.6m or 11.8% against the monthly forecast.

FRCS Acting Chief Executive, Malakai Naiyaga attributed the favourable collection to the performance of key tax categories.

These include Value Added Tax which contributed $1b or 43.9% towards the total collections, Income taxes, contributed $623.9m or 27.2%, Trade Taxes, contributed $472.7m or 20.6% and Other Taxes & Levies contributed $188.8m or 8.2% of the tax mix.

Naiyaga says the revenue achievement mirrors the earlier-than-anticipated overall economic recovery, underpinned by the consistently strong performance in sectors like Services, Wholesale & Retail Trade and Manufacturing.

He adds the positive variances observed in both the monthly and the annual collection point towards a significant overall economic recovery compared to a year ago.

Naiyaga says this recovery can be attributed to various factors, such as the services sector benefitting from increased tourism activity, higher income taxes paid by companies based on improved turnover and profits, and the pent-up consumer demand leading to increased VAT collections.

He also says the revenue performance has set a good platform for the new 2023-24 fiscal year noting the $3.1b revenue target.

FRCS will be working in partnership with its stakeholders and taxpayers to continue to develop a national culture of tax and customs compliance.

He stresses that support will be provided to taxpayers to assist with tax filing and payment in addition to conducting various awareness and stakeholder forums for the national budget.

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