FRCS collects a net revenue of $190.2 million in August outperforming the forecast by 7.3%

The 2022/2023 fiscal year started on a very positive note with the Fiji Revenue and Customs Service collecting a net revenue of $190.2 million in August.

FRCS says they have outperformed the forecast for the month by $12.9 million or 7.3 percent.

FRCS CEO, Mark Dixon attributed the strong revenue performance to Fiji’s current conducive economic environment.

Dixon says a little over 12 months ago, Fiji was experiencing its third wave of COVID-19 infections that led to a massive drop in revenue collections.

He further says the comparatives against the tax performance for the same period last year looks very promising and perfectly shows how tax revenue has recovered much faster than earlier anticipated.

He further says they are extremely proud of this result and grateful to everyone at FRCS for the role they played in achieving these results.

Dixon says he would also like to thank the taxpayers for filing their tax returns and paying their taxes adding that a large percentage of the tax revenue collected by the FRCS comes in voluntarily from taxpayers and they thank them for this.

Consumption taxes such as Domestic VAT which increased by $43.6 million, Import VAT increased by $24.5 million and Fiscal Duty at $10.6 million recorded an average increase of 132.3%.

Furthermore, Company Tax increased by $6.9 million , Departure Tax increased by $6.2 million, Withholding Tax increased by $4.3 million, Domestic Excise Duty increased $3.6 million, PAYE Tax increased by $3.3 million and Water Resource Tax increased by $2.8 million and these collections were higher than August 2021 collections.