Tax collections projected to be $1 billion lower than expected

Tax collections projected to be $1 billion lower than expected

By Vijay Narayan
Friday 27/03/2020

Overall tax collections are projected at $2.022 billion for the 2019-2020 financial year.

This is expected to be lower than the original budget by $1.058 billion, a decline of 34.4%.

Compared to the collections in the 2018-2019 financial year, tax revenue will be $797.7 million lower which is a 28.3% decline.

Major reductions are expected from VAT collections, income taxes and customs revenue.

Over $3 billion was forecast in total VAT collections in the current financial year however due to the slowdown in the economy and VAT exemptions for medical supplies, the forecast for total VAT collections in the revised budget is just over $1.9 billion.

Dividends from state-owned enterprises are expected to decrease together with lower collections from various fees, fines and charges.

This decline is compensated by the one-off $206.1 million divestment proceeds from Energy Fiji Limited.

COVID-19 RESPONSE BUDGET ESTIMATE 2019-2020
http://www.parliament.gov.fj/wp-content/uploads/2020/03/COVID-19-RESPONSE-BUDGET-ESTIMATE-2019-2020.pdf

ECONOMIC AND FISCAL UPDATE SUPPLEMENT TO THE COVID-19 RESPONSE BUDGET ADDRESS
http://www.parliament.gov.fj/wp-content/uploads/2020/03/SUPPLEMENT-TO-THE-COVID-19-RESPONSE-BUDGET-ADDRESS.pdf

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