Fiji Time: 12:20 AM on Saturday 4 July

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
JPY 59.845756.8457
GBP 0.30830.3003
EUR 0.43450.4225
CNY 3.00972.9097
NZD 0.72320.6902
AUD 0.63460.6096
USD 0.48390.4669

from

$0.00

Exchange Rate updated on 3rd July 2015

Today's Most Read Stories

  1. 7s exodus
  2. Gay marriages not a 'priority'
  3. Fiji flag flies high
  4. Final respects pour in
  5. Volavola to join Flying Fijians campaign
  6. Justice for all
  7. Pineapple potential
  8. Soldier cops 3 months jail for accepting an advantage
  9. Groenewald: Complaints against officers will be taken seriously
  10. Poor waste control

Top Stories this Week

  1. Ryder in jail Monday (29 Jun)
  2. Nude pictures warning Monday (29 Jun)
  3. Toxic cassava Monday (29 Jun)
  4. Education shocker Tuesday (30 Jun)
  5. The discovery of illegal weapons in Fiji Tuesday (30 Jun)
  6. Ratu Jope passes away Wednesday (01 Jul)
  7. Club sold for $14k Tuesday (30 Jun)
  8. Bainimarama challenges Flying Fijians ahead of Rugby World Cup Tuesday (30 Jun)
  9. 'Complicated' English Wednesday (01 Jul)
  10. New date Wednesday (01 Jul)