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VMS helps businesses to detect fraud


Sep 24, 2018 06:30:53 PM

VMS helps businesses to detect fraud The implementation of the VAT Monitoring System (VMS) has assisted two businesses to detect fraud in their day to day operations.

 This was revealed by the Fiji Revenue and Customs Service Chief Executive Visvanath Das during the CEO’s Forum in Suva last week.

“Last week, we received feedback from two groups of taxpayers saying that implementing the system in their business enabled them to detect fraud since everything is fiscalised and goes through point of sales systems.”

He said the fraud they detected was around $10,000-$15,000 and the businesses thanked Revenue and Customers for the implementation of the initiative.

Mr. Das said the compliance level for the implementation of the system has increased.

“VMS Phase 1 compliance rate has increased to 60 percent for supermarkets and pharmacies and the Phase 2 for Accountants, Lawyers, Medical Practitioners and Hardware businesses; we see a better compliance rate of about 80 percent.”

“Others are to voluntary comply by 31st October, 2018, after which fines and penalties will be instituted,” he said.

Under the VAT Monitoring System, Phase 1 and 2 industries need to issue proper fiscal invoices and customers can report businesses who fail to comply.

By Reginald Chandar


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