FRCS records $1.169B revenue from August-November, surpassing forecast by $105M

The Fiji Revenue and Customs Service has reported a net revenue collection totaling $1.169 billion at the end of the first four months of the 2024-2025 fiscal year, exceeding its forecast by $105 million or by 9.9 percent and reflecting an increase of $178 million or 18 percent compared to the same period last year.

FRCS says the positive outcomes stem from the consistent monthly performances.

They say in August, collections stood at $291.9 million, exceeding the forecast by $53.5 million or 22.5 percent.

FRCS says the strong performance set a positive tone for the months that followed as September continued this trend with a net revenue of $290.9 million, surpassing the monthly forecast by $8.6 million 3.1 percent.

They say in October, revenue collection surged to $300 million, representing a significant positive variance of $24 million (8.7 percent) against the forecast.

They say additionally, in November, net revenue collection was $286.5 million, surpassing forecasts by $18.9 million (7.1 percent).

FRCS says all major tax types including VAT, Income Tax and Trade and Customs taxes have performed extremely well.

FRCS CEO Udit Singh credited the positive cumulative collections to the robust and strong performances across the key sectors of the economy as well FRCS compliance initiatives.

He says the strong performance observed over the past four months signals widespread commercial activity across all sectors.

Singh says the growth in the services sector, particularly driven by increased activity in tourism, has played a significant role.

He says increased income tax payments resulting from improved business turnover and profitability, along with a substantial increase in VAT collections spurred by rising consumer demand, have also been pivotal.

The CEO further says the ongoing strong revenue performance is also a result of improved compliance activities such as the VAT Compliance Drive and the positive contributions of the intense awareness and education programs along with the set-up of the new Post Assessment Verification Unit.

Singh is optimistic that revenue projections for December 2024 and the other months will continue a similar trajectory.