The Fiji Revenue and Customs Service (FRCS) has announced a remarkable net revenue collection of $1.2 billion for the first four months of the current fiscal year, exceeding its forecasts by $105 million, which translates to a 9.9% increase. This figure also marks an 18% rise compared to the same period in the previous year, highlighting a strong economic performance.

FRCS attributed this impressive achievement to consistent monthly results. In August, collections reached $291.9 million, exceeding projections by $53.5 million (22.5%). The positive trend continued into September with $290.9 million collected, surpassing forecasts by $8.6 million (3.1%). October saw a surge to $300 million, which was $24 million (8.7%) above expectations, while November recorded $286.5 million, exceeding estimates by $18.9 million (7.1%).

The agency reported strong performance across all major tax categories, including VAT, income tax, and trade and customs taxes. FRCS CEO Udit Singh credited this success to robust performances in key sectors, particularly tourism, as well as enhanced compliance initiatives.

Singh noted that the growth in the services sector and increased income tax payments due to better business turnover and profitability contributed significantly to these results. He emphasized that rising consumer demand has also driven VAT collections higher. Furthermore, improved compliance efforts, including the VAT Compliance Drive and educational programs, have played a crucial role in enhancing revenue collection.

Looking ahead, Singh remains optimistic about sustaining this positive revenue trajectory in the coming months, including projections for December 2024.

This steady growth in revenue collection not only reflects a thriving economy but also demonstrates the effectiveness of compliance initiatives, which can inspire confidence in the nation’s financial management. As Fiji navigates its economic recovery and growth, the ongoing success of the FRCS holds promise for continued prosperity and investment in the future.