2009 revenue collection good

Tax revenue collection in 2009 was buoyant.

Those were the words of FIRCA Acting Chairman Lt. Colonel Pio Tikoduadua after the net tax revenue collection for 2009 totaled $1,212.2 million surpassing the revised projected revenue by $24.1million.

Tikoduadua said he was satisfied with this performance as it was achieved on the backdrop of a challenging environment created by the floods in January 2009, the repercussions of the global recession on our domestic economy and the cyclone in December last year.

He added Net Income Tax collection for 2009 amounted to $451.9 million, which was 4.4% higher than 2008.

Similarly, the Net VAT collection recorded $402.6 million which was mainly driven by relatively good collection from Domestic VAT which increased by 5.4%.

Tikoduadua said the 2009 revenue collection would have been the highest ever achieved by FIRCA had VAT refunds remained at the 2008 levels or as originally forecasted.