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Rise in VAT refunds

Geraldine Panapasa
Monday, April 07, 2014

VALUE-ADDED tax refund issued by the Fiji Revenue and Customs Authority for the first quarter of this year totalled $87.1million.

And according to FRCA CEO Jitoko Tikolevu, this was an increase of 35.1 per cent when compared with the same period last year.

"This is more than double the average growth rate of 15.9 per cent seen in the same period over the last 10 years," he said.

"In the period of rapid VAT collections, it is anticipated that the amount of VAT refund will be higher and a total of $300m has been budgeted for 2014, which is 13 per cent higher than the 2013 level."

Mr Tikolevu said outstanding VAT refunds were about $57.9m, which was slightly lower than the December records last year.

Despite this, he said, there was continuous emphasis for FRCA to reduce that amount.

"The level of tax arrears currently stands at $51.9m, which is an improvement of 14.8 per cent over the December 2013 level," he said.

"We thank our taxpayers for continuing to be compliant.

"For those that are still dodging the system, we remind you that paying taxes is your civic duty."

FRCA collected more than $171.39m from VAT, and surpassed its first quarter forecast of $161.42m.

In terms of Customs duties for the same period, FRCA collected more than $98.11m, slightly less than its forecast of $102.14m.

The taxman also collected $75.15m from other taxes, surpassing its forecast of $53.58m for the first quarter of this year.

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