The Fiji Revenue and Customs Service (FRCS) has reported an impressive collection of $1.169 billion from August to November 2024, surpassing forecasts by $178 million. This strong financial performance has been attributed to vigorous activity across major sectors of the economy, as well as effective compliance initiatives implemented by the FRCS.
FRCS CEO Udit Singh highlighted that the substantial collections reflect a lively commercial environment and robust economic engagements throughout the country. The monthly collection breakdown is as follows: in August, the FRCS collected $291.9 million, exceeding expectations by $53.5 million; September saw collections of $290.9 million, surpassing the forecast by $8.6 million; October achieved $300 million, with a positive variance of $24 million; and in November, collections reached $286.5 million, exceeding estimates by $18.9 million.
Looking ahead, Mr. Singh expresses confidence that revenue projections for December 2024 and beyond will maintain a positive trend, indicating potential economic growth and stability.
In summary, this significant collection by the FRCS not only shows the effectiveness of fiscal measures but also the resilience of Fiji’s economy in navigating challenges, paving the way for future financial health and sustainability. This optimistic outlook can inspire confidence among investors and citizens alike as the government looks to build on this success in the upcoming months.
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