Fiji Time: 1:55 AM on Monday 31 August

Fiji Times Logo

/ Front page / News

State fails to collect revenue

Geraldine Panapasa
Wednesday, August 20, 2014

GOVERNMENT'S 2006 financial and appropriation statements highlighted a number of discrepancies, including the State's failure to obtain approval from Parliament for the over expenditures of $9.9million it incurred in 2006.

According to the financial statements ending December 31, 2006, which was published on the Ministry of Finance website, the audit opinion also drew attention to the failure of the Fiji Revenue and Customs Authority, ministries and departments to collect revenue totalling $237.2million due to government.

It also highlighted the lack of satisfactory explanations for the increase in unpresented cheques from $51.9m in 2005 to $60.5m in 2006, and an unsubstantiated adjustment of $59.5m in the consolidated fund statement of receipts and payments as a "prior years' adjustments".

"Economic growth in 2006 was provisionally estimated at 3.6 per cent. On the fiscal front, the provisional underlying net fiscal deficit for 2006 was estimated at $184.7m or 3.8 per cent of gross domestic product, lower than the 4 per cent of GDP announced in the 2006 Budget," the 2006 financial statement highlighted.

With the $28m worth of asset sales realised in 2006, the provisional net deficit was estimated at 3.2 per cent of GDP.

In terms of public debt, the financial statement said government's 2006 estimated debt level was $2696.1m, equivalent to 53 per cent of GDP.

It said actual 2006 revenue receipts totalled more than $1.401billion with operating revenue accounting for about $1.329b and the remainder of about $71.41million representing capital revenue receipts.





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 0.62450.6055
JPY 56.810253.8102
GBP 0.30290.2949
EUR 0.41450.4025
NZD 0.73480.7018
AUD 0.66190.6369
USD 0.47110.4541

from

$0.00

Exchange Rate updated on 27th August 2015

Today's Most Read Stories

  1. PM's warning
  2. Nadolo gets $2 for RWC
  3. Naiyaravoro world cup conspiracy
  4. Attacks on democracy will not be tolerated by the State
  5. One down
  6. Asian stock fall to affect Fijian economy
  7. Prasad wins personality title
  8. Ministry assists elderly couple
  9. Plans to generate money
  10. FWCC plans three shelters worth $1.7m for victims

Top Stories this Week

  1. Sayed-Khaiyum responds to Karavaki warning Thursday (27 Aug)
  2. Guns in town Thursday (27 Aug)
  3. Birth by the river Tuesday (25 Aug)
  4. Making the cut Monday (24 Aug)
  5. PM turns down Ratu Naiqama request Thursday (27 Aug)
  6. Military, police beef up manpower Tuesday (25 Aug)
  7. John quits 7s job Tuesday (25 Aug)
  8. PM's warning Sunday (30 Aug)
  9. Soldiers patrol town prior to sedition case Wednesday (26 Aug)
  10. Draunidalo hits back Friday (28 Aug)