Tax collections outperform the June forecast by $15.3m

The Fiji Revenue and Customs Service collected a net revenue of $193.8 million in June this year which is the highest monthly revenue collected during and post COVID-19 pandemic period.

Consumption taxes such as Domestic VAT, Import VAT, Fiscal Duty and Domestic Excise have all increased considerably with some of the tax types recording their highest levels in 2 years.

The collections outperformed the forecast by $15.3 million or 8.5 percent.

The forecast for June 2022 was $178.5 million while the collections are also 57.8% or $70.99m, higher over June 2021.

FRCS CEO, Mark Dixon says this is really great news because it indicates that the Fijian economy is growing and recovering strongly post COVID.

Dixon says the tax collections were across all tax types, which shows that it is not only tourism that is doing fantastically well but all elements of our economy are recovering from COVID and delivering strong results and creating new jobs.

He says the promising improvement noted in the international tourism space has also seen a strong increase in the Departure Tax collection.

Dixon says they are confident that revenue collections will continue to be strong for the rest of this year and things are looking good into the next year, given the improved economic conditions, coupled with the pick-up in investment activities and expected high consumption demand.