Fiji’s taxman has recorded a net revenue collection totalling $1.169billion at the end of the first four months of the 2024-2025 fiscal year.
This exceeds its forecast by $105million (9.9 per cent) and also reflects an increase of $178m (18.0 per cent) when compared to the same period last year.
The Fiji Revenue and Customs Service (FRCS) has attributed this positive outcome to the consistent monthly performances.
In August, collections stood at $291.9m that exceeded the forecast by $53.5m (22.5 per cent), which also set the tone for the months that followed.
FRCS chief executive officer Udit Singh said September continued the trend with a net revenue of $290.9m that also surpassed the monthly forecast by $8.6m (3.1 per cent).
He said revenue collection surged further in October to $300m, representing a significant positive variance of $24.0m (8.7 per cent) against the forecast. Last month, net revenue collection was recorded at $286.5m that surpassed forecasts by $18.9m (7.1 per cent).
He said all major tax types including VAT, income tax, and trade and customs taxes had performed “extremely well”.
The CEO credited the positive cumulative collections to the robust and strong performances across key sectors of the local economy, including compliance initiatives.
“The strong performance observed over the past four months signals widespread commercial activity across all sectors,” Mr Singh said.
“The growth in the services sector, particularly driven by increased activity in tourism, has played a significant role.
” 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.”
Mr Singh said the ongoing strong revenue performance was also a result of improved compliance activities such as the VAT compliance drive, positive contributions of intense awareness and education programs, and the set-up of the new Post Assessment Verification Unit.
He is also optimistic that revenue projections for December this year and the other months would continue a similar trajectory.