Fiji Time: 12:07 PM on Saturday 25 February

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 0.64440.6254
JPY 55.991852.9918
GBP 0.39020.3822
EUR 0.46380.4518
NZD 0.68630.6533
AUD 0.63990.6149
USD 0.49320.4762

from

$0.00

Exchange Rate updated on 24th February, 2017

Today's Most Read Stories

  1. Bravery medal for boy, 6
  2. School girl, 14, dies
  3. No funding for religion, dance halls
  4. 112 taxi permits in west terminated
  5. Poll pick
  6. One illegal vehicle query
  7. Brutality claims raise ire of party
  8. Water line from dam to homes
  9. Calls to 'take them to task', 'impound'
  10. Political leaders content with Tebbutt-Times poll

Top Stories this Week

  1. Family given son's post mortem exam results Monday (20 Feb)
  2. 2 dead in 48 hours Wednesday (22 Feb)
  3. Qoro resigns as exchange boss Tuesday (21 Feb)
  4. $95,000 payout Monday (20 Feb)
  5. $30,000 richer Thursday (23 Feb)
  6. Day of fate Monday (20 Feb)
  7. Nightmare continues for elderly woman Monday (20 Feb)
  8. Number crunch Sunday (19 Feb)
  9. Teenager laid to rest Monday (20 Feb)
  10. Race against time Monday (20 Feb)