Net tax revenue for September recorded a total collection of $199.9 million, which is above the Fiji Revenue and Customs Service’s month’s forecast by $4.7 million.
FRCS says the collection is substantially higher by $78.1 million in comparison to September 2021.
It is also higher than the August 2022 collections by almost $9 million.
The Fiji Revenue and Customs Service says it’s monthly revenue collection continues to strengthen as the forecast has been surpassed for a second consecutive month.
The strong collection has been attributed to the recovery of the tourism sector along with other key industries.
FRCS CEO, Mark Dixon says the considerable growth in revenue against last year September collections as well as against the forecast is showing resilience in the economy through the demonstration of strong recovery and growth.
Corporate Income Tax surged by $12.5 million compared to September 2021 showing increased business confidence and a positive revenue outlook, Domestic VAT recorded growth by $24.1 million revealing an increase in domestic economic activity along with the recovery of the tourism sector and Import VAT and fiscal duty increased by $26.2 million and $5.9 million respectively while Airport Departure Tax increased by $6.1 million.
Dixon says all these taxes are activity based and all of them are showing an upward trend.
He adds that a similar trajectory is expected to continue as we head into the festive season in anticipation of increased imports, spending and consumption.
Meanwhile, as part of FRCS’ corporate social responsibility activity, their Sports and Social Club members and their families cleaned the Savusavu Special School and the Nasavusavu District school last weekend.
Dixon says people often see them behind the counters collecting money but corporate social responsibility efforts show that they are also active in their communities, serving the Fijians and aspiring to bring about change.
