FRCA surpasses its revenue collection target

The Fiji Revenue and Customs Authority has surpassed its revenue collection target by $92 million for the first seven months of this year.

The revenue collection to July totaled $1.144 billion, which is an improvement of 15.7 per cent over 2013.

Last year’s collection as at July totaled $988.6 million.

FRCA CEO, Jitoko Tikolevu said the revenue growth to July is one of the highest in the last 10 years.

He said 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.

Tikolevu said Value Added Tax was the major contributor to the Government coffers with collection totaling $438 million.

Revenue from Income Tax totaled $233 million while trade taxes totaled $266 million.

Other taxes such as Service Turnover Tax, Fish Levies, Departure Tax, Stamp Duty and Capital Gains Tax contributed $207 million.

Tikolevu said in order to support the private sector activity, $183.7 million was issued as VAT refunds as at July.