The Fiji Revenue and Customs Service has collected a net revenue of $211.17 million for June 2023 with a positive variance of $10.6 million or 5.3 percent against the monthly forecast.
FRCS says the impressive revenue for June 2023 also represents a higher collection of $21.09 million or 11.1 percent in comparison to the revenue collections of June 2022.
Overall, for the first 11 months, $2.07 billion in net revenue has been collected which is $565.5 million or 37.6 percent higher than the cumulative June 2022 collections.
FRCS CEO, Mark Dixon attributes the favorable collection in the revenue to the remarkable collection in the tax types such as the Withholding Tax, VAT, Capital Gains Tax, Fiscal Duty, Import Excise, Domestic Excise, Export Duty and the Water Resource Tax.
He says the strong performance in sectors like Services, Retail and Manufacturing has also positively impacted the revenue collection of June 2023.
Dixon says the positive variances signify that the recovery and growth is cutting across all sectors of the economy which has translated into increased revenue.
In June, Corporate Income Tax and other Income Taxes surged by $5.2 million and $5.4 million respectively, showing increased business confidence and a positive revenue outlook, domestic VAT recorded a growth of $7 million revealing an increase in domestic economic activity along with the recovery of the tourism sector, Import VAT and Fiscal Duty increased by $5.2 million and $2.2 million, respectively, Domestic Excise increased by $3.1 million, indicating the growing demand for excisable products for the Service sector and for export purposes and Airport Departure Tax increased by $2.2 million.
Dixon adds that FRCS envisages that the revenue projections for July 2023 will continue in a similar trajectory.
