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$39m excess growth

Geraldine Panapasa
Saturday, April 05, 2014

THE Fiji Revenue and Customs Authority has surpassed its first quarter target by $39.1million.

The positive development followed a number of revenue items that had achieved record-breaking levels of growth rates.

FRCA CEO Jitoko Tikolevu said this achievement was unprecedented when compared with previous years.

He said there was a combination of factors that drove present revenue collections.

"There is no doubt that the current escalation in tax collection levels have been largely attributed to back to back solid economic performance," he said yesterday.

This, he said, was coupled with four years of positive gross domestic product growth, the continued pro-growth and expansionary government policies and the restructuring of tax system towards low rate and base broadening, aggressive tax compliance and debt management strategies.

"Increased government expenditure and tax cuts were the effective policy mix to induce growth," Mr Tikolevu said.

"Revenue is growing four times more than the real GDP growth rate and this high elasticity reflects the continued economic multiplier effect of new investments, spending and consumption.

"It signifies prevalence of high aggregate demand in the Fijian economy."

According to FRCA, revenue forecast for the first quarter of this year was more than $391.97million and more than $431.13m was collected during this period.

The collection for income tax also exceeded the set forecast of $74.81m to $86.45m.

"The back to back significant levels of revenue growth rates (13.2 per cent in 2013 and 12.2 per cent in 2014) resonates increased economic activity," he said.

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