The Fiji Revenue and Customs Service (FRCS) has announced a robust net revenue collection of $1.2 billion for the first four months of the current fiscal year, exceeding its forecast by $105 million or 9.9%. This performance marks an impressive increase of $178 million, or 18%, compared to the same period last year.

FRCS reports that the positive trend in revenue can be attributed to consistent monthly collection achievements. In August, the agency collected $291.9 million, surpassing its forecast by $53.5 million (22.5%). The momentum continued into September with a net revenue of $290.9 million, exceeding projections by $8.6 million (3.1%). October saw further improvement, with revenue rising to $300 million—an $24 million (8.7%) increase against expected figures. Finally, in November, net collections reached $286.5 million, outpacing forecasts by $18.9 million (7.1%).

All major tax categories, including Value Added Tax (VAT), Income Tax, and Trade and Customs taxes, have shown exceptional performance. FRCS CEO Udit Singh attributes the success to robust economic activities across key sectors, particularly the services sector bolstered by increased tourism activity. Improved income tax payments from enhanced business turnover and profitability, alongside significant VAT growth through rising consumer demand, have greatly contributed to these results.

Singh highlighted that ongoing compliance initiatives, such as the VAT Compliance Drive, and awareness and education programs significantly enhance revenue collection efficiency. The establishment of the new Post Assessment Verification Unit is also expected to play a crucial role in future revenue performance.

Looking ahead, Singh remains optimistic that the positive revenue trajectory will extend into December 2024 and beyond.

This positive outlook for Fiji’s revenue collection not only underscores a resilient economy but also reflects the successful efforts of FRCS in enhancing compliance and fostering economic growth through various sectors. As tourism continues to rebound and consumer confidence grows, there is a hopeful anticipation for sustainable economic momentum in the coming months.