Fiji Times Monday 03 July 2017 MAJORITY of Government’s revenue is derived from direct and indirect taxes and it expects its total direct tax collections to rise to $717.9 million for the 2017/2018 financial year.
According to the 2017/2018 National Budget Supplement for the FY 2015-2016, total direct tax collections amounted to $699.0m, while collections with the direct tax receipts forecast to increase further to $790.4m in the FY 2017-2018.
The budget supplement stated that the increase reflected strong business performance in the coming financial year as well as anticipated improvements in labour market conditions.
Meanwhile, the Government’s indirect taxes include VAT, Customs duties, service turnover tax, water resource tax, departure tax, stamp duties, and other levies.
Total collections for indirect taxes amounted to $1,677.4m in the FY 2015-2016 with collections for the FY2016-2017 are anticipated to rise to about $1,914.3m before increasing further to $2,244.4m in the FY 2017-2018. Read more…
