The Fiji Revenue and Customs Service has surpassed its first-quarter fiscal year revenue target for 2023-2024.

The organization reported a total net revenue of $742.1 million for the quarter ending on October 31st exceeding the forecast by $9.3 million.

This marks a substantial 28.6% growth compared to the same period last year, showcasing a robust economic recovery.

Acting Chief Executive Malakai Naiyaga says the outstanding performance in October played a pivotal role in this achievement with a net revenue of $269.0 million, surpassing the monthly forecast by an exceptional $26 million.

He says the impressive quarterly results have set a positive tone for the overall revenue projections for the 2023-2024 financial year, which are estimated at $3.1 billion representing an $855.4 million increase compared to the previous fiscal year.

Naiyaga attributed the favorable cumulative collection to the outstanding performance of key tax categories.

He says Value Added Tax led the way by contributing $332.1 million, followed by Income taxes contributing $216.1 million, Trade Taxes with $132.6 million and other taxes and levies contributing $61.2 million to the tax mix.

He says the positive collections are indicative of a broad-based economic recovery across all sectors leading to increased revenue.

The Acting CEO says this recovery signifies higher profits for businesses, increased individual income, and a surge in consumer spending.

Naiyaga emphasized that the strong revenue performance now at 23.9% of the $3.1 billion annual target, provides a solid foundation for the remainder of the 2023-2024 fiscal year.

He reiterated FRCS’s commitment to partnering with stakeholders and taxpayers to foster a culture of tax compliance.