The Fiji Revenue and Customs Service has recorded a staggering $2.8 billion in net tax revenue, recording a growth of $252.8 million for the 2017-2018 Annual Report.
This is a 9.8 per cent increase from the 2016-2017 fiscal year.
This has been highlighted in a Review Report on the Fiji Revenue and Customs Service 2017 – 2018 Annual Report, presented by the Assistant Minister of the Office of the Prime Minister, Sakiusa Tubuna.
Tubuna said FRCS has introduced a Standard Interpretation Guideline that is a useful instrument that enables taxpayers to understand the technical interpretations made by FRCS.
During the debate on the review report, Minister for Finance, Prof Biman Prasad said that the $.8 billion tax revenue, accounted for 87.3 per cent of total Government revenue.
Prof Prasad said the total revenue – VAT is leading the revenue collection with a contribution of 27.9 per cent, followed by income tax at 26.5 per cent.
“It is imperative for the Government to do tax reforms, streamline and re-evaluate some tax exemptions and incentives and encourage self-regulation to improve tax compliance with the Medium-Term Fiscal Strategy that we have already presented to Parliament.”
The Deputy Prime Minister also added that in the formation of the Coalition Government, there has been a sense of exuberance, there has been a sense of confidence, there has been a sense of optimism, and there has been a sense of freedom in Fiji.