FRCS surpasses November revenue target

December 3, 2022 12:30 pm

The Fiji Revenue and Customs Service has collected a net revenue of $190 million for last month, exceeding the forecast by $7.9m or 4.3 percent.

Chief Executive, Mark Dixon says this represents a higher collection of $79m, in comparison to November 2021.

He says four months into the current fiscal year, FRCS has recorded a total collection of $767.2m with a positive variance of $22.1 million over the cumulative forecast.

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Dixon says they have recorded an impressive growth of $330.3 million or 76 percent.

The FRCS CEO attributed the considerable increase in revenue to the impressive rebound of the economy, with all key sectors showing a resurgence.

He adds the favourable collection is linked to a strong recovery across the major tax streams, including the Value Added Tax, Income Tax and Customs Taxes.

The Pay as You Earn Tax recorded an increase of $3.4m indicating improvement in the labour market, both in the formal and informal sectors, Corporate Income Tax surged by $11.3m compared to November 2021 showing growth in business confidence and improvement in the investment environment.

The domestic VAT recorded a growth of $26.1m, stemming from increased disposable incomes, inward remittances, and higher tourism-related spending and increase in trade volume attributed to the $22.7m increase in Import VAT collections.

Dixon says the Departure tax collections have been very symmetrical to tourist arrivals and four months into the 2022-2023 fiscal year, they have collected $19.8m, while collection for the same period last year stood at $0.3m.

FRCS envisages that the revenue projections for future months will continue in a similar trajectory.