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Fiji Time: 5:33 PM on Thursday 24 April

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FRCA in focus

Ropate Valemei
Monday, February 04, 2013

THE Fiji Revenue and Customs Authority is determined to continue its focus on compliance, debt collection and public awareness as it anticipates challenges to reach its revenue target forecast of $1.852billion this year.

The estimation is higher than the recorded total revenue of $1.735b last year.

FRCA chief executive officer Jitoko Tikolevu said the revenue collected exceeded the original revenue forecast of $1.729b by $6.4million, and was below the forecast of $1.742b by $6.8m last year.

Mr Tikolevu said emphasis would also be placed on targeted audit activities.

"The year 2012 also posed some challenges for FRCA especially with the three major natural disasters in the form of flooding and cyclone." He remained adamant the outcome would be very positive and could have been better if not for the natural disasters.

He said domestic collection remained buoyant all throughout the year and this was a clear reflection of the new measures imposed in the 2012 Budget.

The authority's total revenue collection for 2012 stood at 24 per cent of total Gross Domestic Product. Mr Tikolevu said this was higher than 2011 revenue collection of 21.7 per cent of GDP.

He said VAT revenue was 9.4 per cent of GDP while income tax revenue was 6.2 per cent of total GDP. Customs revenue recorded a collection of 5.1 per cent of GDP while total tax revenue was 89 per cent of total government revenue for 2012.