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Fiji Time: 10:23 AM on Wednesday 24 September

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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.





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