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The Fiji Islands Revenue and Customs Authority has reported a net tax revenue collection of $1, 212.2m in 2009.
This amount, according to FIRCA acting chairman Pio Tikoduadua, surpassed the revised projected revenue by $24.1million or 2.0 per cent.
All major revenue components recorded collection above forecast, he said.
Tikoduadua said it was achieved on the backdrop of a challenging environment created by the floods in January 2009, the repercussions of the global recession on our domestic economy and the cyclone in December.
Net income tax collection for 2009 amounted to $451.9m, higher by 4.4 per cent compared to 2008 and above the forecast by $20m.
Positive performance in Income Tax collection was mainly attributed to favourable collection from corporate tax (2.4 per cent) and withholding and dividend tax (78.4 per cent).
FIRCA recorded a net vat collection of $402.6m last year and this was mainly driven by relatively good collection from Domestic VAT which increased by 5.4 per cent relative to 2008.
Net Customs collection in 2009 surpassed the forecast by $2.0m with actual collection amounting to $332.4m, underpinned by higher collection from fiscal duty.
Other positive achievements for FIRCA were all-time-high debt collection and the reduction in tax debt levels.
Last year arrears collection was $81.4m, the highest achieved by the authority. Tax debt as at December 31, 2009 was $84.5m, representing a decline of 2.1 per cent compared to 2008.
This debt level, according to FIRCA is the lowest ever achieved in the history of the authority since its establishment in 1999.
