Fiji Time: 12:17 PM on Thursday 26 November

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.

Code Inward TTs Outward TTs
CAD 0.62630.6073
JPY 58.360055.3600
GBP 0.31090.3029
EUR 0.44330.4313
NZD 0.72260.6896
AUD 0.65270.6277
USD 0.47310.4561



Exchange Rate updated on 26th November 2015

Today's Most Read Stories

  1. Torture suspects known to police
  2. Sex assault claim
  3. 'Stay clear', mariners told
  4. Minister's plea for help
  5. Ryder's 7 for Bua tournament
  6. The voice of the islands in Paris
  7. No restriction to harbour entry
  8. Founders honoured
  9. Fiji teams presents i tatau
  10. Corruption awareness

Top Stories this Week

  1. Left for dead Wednesday (25 Nov)
  2. Exit 'reason' Friday (20 Nov)
  3. MV Suilven sinks Wednesday (25 Nov)
  4. Village headman arrested Friday (20 Nov)
  5. 8 years for raping man Tuesday (24 Nov)
  6. MV Suilven sinks in Suva Harbour Tuesday (24 Nov)
  7. Minister defends PM's trip Friday (20 Nov)
  8. Friend indeed Monday (23 Nov)
  9. Sevens hurdle Tuesday (24 Nov)
  10. 'Racial slur' Sunday (22 Nov)