The Fiji Revenue and Customs Authority has surpassed last year’s annual revenue target by $75.3 million.
FRCA CEO Jitoko Tikolevu said revenue collection for 2014 totaled $2.115 billion against the original forecast of $2.039 billion.
He said this is an improvement of 13.7% over 2013.
Tikolevu said back-to-back significant levels of revenue growth rates of 7.1% in 2013 and 13.7% in 2014 shows increased economic activity.
He said it also supports the notion that Fiji’s tax reforms are
bearing fruit and that tax compliance is improving with a reduced arrears level as at December 2014.
Tikolevu added the $2.115 billion revenue collection is a record achievement for the Authority as this is the first time when the $2 billion mark has been surpassed.
Value Added Tax was the major contributor to the Government coffers with collections totalling $794.2m.
Revenue from Income Tax totalled $446.6m while trade taxes totaled $513.6m.
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