The Fiji Revenue and Customs Service (FRCS) has announced a remarkable net revenue collection of $1.2 billion within the first four months of the fiscal year. This figure surpasses their initial forecast by $105 million, representing a 9.9% increase, and showcases an impressive growth of $178 million, or 18%, compared to the same timeframe last year.

The FRCS attributes this positive financial outcome to consistent monthly performance. In August, the revenue reached $291.9 million, exceeding projections by $53.5 million, a notable 22.5% over the forecast. September mirrored this success, yielding $290.9 million—again surpassing expectations by $8.6 million, or 3.1%. October showed even stronger results, with revenue soaring to $300 million, a positive variance of $24 million, or 8.7%. November continued the upward trend, with collections reaching $286.5 million, exceeding forecasts by $18.9 million (7.1%).

All primary tax categories, including VAT, Income Tax, and Trade and Customs taxes, have shown significant performance improvements. Udit Singh, CEO of FRCS, highlighted that these strong collections are a result of robust activity across key economic sectors, particularly the thriving tourism industry. He emphasized that increased income tax payments from higher business turnover and profitability, along with a notable rise in VAT collections driven by consumer demand, have been essential to this success.

Additionally, Singh pointed to the impact of enhanced compliance initiatives such as the VAT Compliance Drive, alongside educational programs and the establishment of a new Post Assessment Verification Unit. Given these developments, Singh remains optimistic that revenue projections for December and beyond will maintain this positive trajectory.

The ongoing revenue growth reflects not only increased economic activity but also the effective implementation of compliance measures, hinting at a growing confidence in Fiji’s economic landscape. This positive trend bodes well for continued investment and growth, underpinning a hopeful outlook for the future of the nation’s economy.