FRCA surpasses first quarter target

The Fiji Revenue and Customs Authority said it has surpassed its first quarter collection target by $39.1 million, which is unprecedented when compared to previous years.

CEO, Jitoko Tikolevu said the back to back significant levels of revenue growth rates which is 13.2 percent in 2013 and 12.2 percent in 2014 resonate increased economic activity.

He said a number of revenue items have achieved record breaking levels of growth rate.

Tikolevu said VAT refunds issued by the Authority during the quarter increased by 35.1 percent over the same period last year.

He said this is more than double the average growth rate of 15.9 percent seen in the same period over the last 10 years.

Tikolevu said as at the 1st quarter of 2014, a total of $87.1 million was issued as VAT refunds.

Meanwhile, the level of tax arrears currently stands at $51.9 million, which is an improvement of 14.8 percent over December 2013 level.

Story by: Dhanjay Deo