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$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."

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