[File Photo]

The Fiji Revenue and Customs Service has reported a net revenue collection totaling $1.169b at the end of the first four months of the 2024-2025 fiscal year.

FRCS Chief Executive, Udit Singh says this revenue exceeded forecast by $105m or 9.9 percent, reflecting an increase of $178m compared to the same period last year.

Singh says the positive outcomes stem from the consistent monthly performances.

In August, collections stood at $291.9m, exceeding the forecast by $53.5m.

He adds that the strong performance set a positive tone for the months that followed.

According to Singh September continued this trend with a net revenue of $290.9m, surpassing the monthly forecast by $8.6m.

In October, revenue collection rose to $300m, representing a significant positive variance of $24m against the forecast.

Additionally, in November, net revenue collection was $286.5 million, surpassing forecasts by $18.9m.

All major tax types including the Value Added Tax, Income Tax and Trade & Customs taxes have performed extremely well.

Singh, credited the positive cumulative collections to the robust and strong performances across the key sectors of the economy as well FRCS compliance initiatives.

Singh says the strong performance observed over the past four months signals widespread commercial activity across all sectors.

The growth in the services sector, particularly driven by increased activity in tourism, has played a significant role.

Singh says increased income tax payments resulting from improved business turnover and profitability, along with a substantial increase in VAT collections spurred by rising consumer demand, have also been pivotal.

He adds that the ongoing strong revenue performance is also a result of improved compliance activities such as the VAT Compliance Drive.