Tax Revenues Hit Historic Growth in Fiji
August 6, 2014 Taxation in Fiji
SUVA – Tax revenues in Fiji are on the rise, despite the fact that government has recently slashed taxes rates while boosting expenditure.
On August 5th the Fiji Revenue and Customs Authority issued a new statement announcing that tax collections over the first seven month of this year surpassed the government’s target by FJD 92 million, with total collections for the period reaching FJD 1.144 billion, compared to a total of FJD 988.6 million during the same period over the previous year.
In the statement the Chief Executive Officer of Fiji Revenue and Customs Authority Jitoko Tikolevu said that the tax revenues have grown despite the fact that over the last year the government cut taxes, while at the same time increasing spending and investment.
He added that while the growth seen over the first seven month of the year is the highest on record over the last decade, the government still needs to work hard over the remaining five months to ensure that it reaches the tax collection target of FJD 2.039 billion.
The increase in revenue from tax collections was driven by significant improvements in the collection of income tax, VAT, and capital gains taxes, which rose by 13.4 percent, 8.8 percent, and 334.3 percent, respectively.
Photo By: Christian Haugen