Fiji Time: 7:37 PM on Monday 29 May

Fiji Times Logo

/ Front page / News

$92m tax surplus

Geraldine Panapasa
Wednesday, August 06, 2014

REVENUE growth to July this year has been one of the highest in the past decade with the Fiji Revenue and Customs Authority surpassing its target by $92million for the first seven months of 2014.

FRCA chief executive Jitoko Tikolevu said total revenue collection to July was $1.144billion, an improvement of 15.7 per cent over 2013.

Last year's collection as of July totalled $988.6m.

"This is despite the fact that we have adopted a new tax regime, which involved major tax cuts and the broadening of the tax base," Mr Tikolevu said in a statement yesterday.

"Consistent with the 2014 National Budget expectations, value added tax was the major contributor to the government coffers with collection totaling $438m.

"Revenue from income tax totalled $233m while trade taxes totalled $266m.

"Other taxes such as service turnover tax, fish levies, departure tax, stamp duty and capital gains tax contributed $207m."

In order to support the private sector activity, Mr Tikolevu said $183.7m was issued as VAT refunds as of July.

While revenue and the economy were on a high growth part, he said revenue was growing faster than the economy.

"Apart from the tax cuts and bold tax incentives, increased Government expenditure and investment have also contributed to the tax collection. Concessions offered by the Government aims to help growth and improve the livelihoods of all Fijians."








Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Westpac
Code Inward TTs Outward TTs
CAD 0.65250.6335
JPY 54.593151.5931
GBP 0.37760.3696
EUR 0.43420.4222
NZD 0.69540.6624
AUD 0.65520.6302
USD 0.48720.4702

from

$0.00

Exchange Rate updated on 29th, May, 2017

Today's Most Read Stories

  1. School head faces probe
  2. Ellen calls it a day after 10 years
  3. Family fights to preserve history, graves
  4. Fiji wins 1-0
  5. Zaira gets congeniality
  6. Drop in working poverty
  7. Complex surgeries
  8. Road death toll increase by two
  9. Muslims start observance of holy month of Ramadan
  10. FLOTSAM AND JETSAM

Top Stories this Week

  1. $16k freight scam Saturday (27 May)
  2. Man wants house back Wednesday (24 May)
  3. Henry's debt to mum Wednesday (24 May)
  4. Toorak youths distraught over lost jerseys Tuesday (23 May)
  5. Mystery chests, villagers warned Wednesday (24 May)
  6. Inquiry bid foiled Saturday (27 May)
  7. Pillar of strength Wednesday (24 May)
  8. Rabuka not happy Wednesday (24 May)
  9. Contracts clarified Friday (26 May)
  10. Florist turns rags to riches Thursday (25 May)