SUNBIZ

FRCA To Hit $3B Mark In 2018

  The Fiji Revenue and Customs Authority (FRCA) will hit the $3 billion mark in 2018 based on the revenue trends for over the last 5 years. This was revealed
04 Aug 2016 13:58
FRCA To Hit $3B Mark In 2018
FRCA Taxation Division acting general manager, Fazrul Rahman

 

The Fiji Revenue and Customs Authority (FRCA) will hit the $3 billion mark in 2018 based on the revenue trends for over the last 5 years.

This was revealed by FRCA Taxation Division acting general manager, Fazrul Rahman at the first formal budget seminar held by the Fiji Institute of Accountants on Tuesday.

“This is based on an annual average revenue growth of 10.7 per cent seen over the last 5 years,” he said.

Mr Rahman said in 2013 revenue grew by 7.1 per cent, in 2014 by 13.7 per cent and in 2015, it grew by 11.3 per cent.

“So, there is a dramatic improvement in tax revenue performance and this is attributed to pro growth tax policies, improved tax compliance, new revenue policies.

“Also this is due to efficiency gains from better revenue administration with the help of new tax laws.”

“It took us about 85 years to reach the 1st billion mark, then it took us about 10 to reach 2nd billion dollar mark, and now it will just take us 4 years to reach the 3billion dollar mark,” he reiterated.

Mr Rahman added even if the revenue growth declined, FRCA would still hit $3b mark over the 5 year period, being 2019.

The revenue outlook for the next 5 years, Mr Rahman said looks positive especially with increased focus in tackling black economy where more than $800m of revenue is lost.

“The new tax law also have provisions to deal with sophisticated tax planning,” Mr Rahman added.

“The Fijian economy is growing and tax revenue will also continue to grow.”

Meanwhile, a total of seven tax regulations were gazetted on July 30 to legislate a number of 2016/2017 Budget policies.

Mr Rahman added the principal legislations were already gazetted after Parliamentary approval.

“The latest gazette provides a set of regulations as approved by the Minister.”

Edited by: Farzana Nisha

Feedback:  farzana.nisha@fijisun.com.fj

Fiji Sun Instagram
Fiji Plus
Subscribe-to-Newspaper
error: