FRCS collects $1.81 billion net revenue for first half of financial year

Net revenue for the first half of the 2024–2025 financial year of the Fiji Revenue and Customs Service totalled $1.81 billion, exceeding projections by $136 million (8.2%) and surpassing the same period last year by $262 million (16.9%).

The Fiji Revenue and Customs Service says consistent monthly revenue growth played a key role in this achievement, with FRCS maintaining a positive variance against forecasts each month.

This steady performance has contributed to the overall half year surplus.

FRCS CEO, Udit Singh attributed these results to the strong contributions of key tax categories — VAT led collections at $837 million, followed by income tax at $518 million, trade taxes at $310 million, and other taxes and levies at $142 million.

Singh highlighted the broader economic growth over the past six months as a major driver of revenue gains.

Expansion in the services sector, particularly tourism, alongside increased investments in telecommunications, significantly bolstered collections.

Higher income tax payments reflected improved business turnover and profitability, while rising VAT collections indicated strong consumer demand.

Singh says these impressive figures, underscore the dedication of FRCS staff, the cooperation of taxpayers, and the overall positive momentum of Fiji’s economy.