$193.8m revenue – Collection surpasses $178.5m forecast for the month
6 July, 2022, 6:00 pm
A new revenue of $193.8 million was collected by the Fiji Revenue and Customs Service last month, outperforming the forecast of $178.5m by $15.3m.
FRCS chief executive officer Mark Dixon said the tax collections were across all tax types, which showed that it was not only tourism that was doing fantastically well but all elements of the economy were recovering from COVID and delivering strong results and creating new jobs Mr Dixon said the revenue collected in June was also the highest monthly revenue collected during and post COVID-19 pandemic period.
The collections for June 2022 are also 57.8 per cent or $70.99m, higher over June 2021.
He said consumption taxes such as domestic VAT (Value Added Tax), import VAT, fiscal duty and domestic excise have all increased considerably with some of the tax types recording their highest levels in two years, adding that the promising improvement noted in the international tourism space had also seen a strong increase in the departure tax collection.
According to Mr Dixon, given the improved economic conditions, coupled with the pick-up in investment activities and expected high consumption demand, revenue collections are expected to maintain their positive trend.
“We are confident that those revenue collections will continue to be strong for the rest of this year and things are looking good into the next year as well,” he said.