Sunday, March 3, 2024
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Fiji out of EU blacklist, joins global forum

Fiji has joined the Global Forum on Transparency and Exchange of Information for Tax Purposes for publishing, a major step towards achieving a Fiji Revenue Customs Service’s strategic objectives for the year.

In a statement, the Fiji Revenue and Customs Service said with government backing, the Tax Office has successfully achieved this specific milestone.

Fiji is the 169th member on the Global Forum.

The Global Forum is the leading international body working on the implementation of global transparency and exchange of information standards around the world.

Since the end of banking secrecy in 2009, the international community has achieved great success in the fight against offshore tax evasion.

The Tax Office said working through the Global Forum, countries have implemented robust standards that have prompted an unprecedented level of transparency in tax matters along with increased tax revenue and fairness in the tax system.

The Chair of Global Forum, Gaël Perruad indicated that Fiji’s adhesion perfectly demonstrates the joint resolve to enhance and optimize international collaboration in the fight against tax evasion and avoidance.

Like all other members, Fiji will participate in the decisions of the Global Forum on an equal footing and will engage in combatting offshore tax evasion through the implementation of the internationally agreed standards of Exchange of Information on Request and Automatic Exchange of Financial Account Information.

Fiji will also take part in the extensive capacity-building program initiated by Global Forum to implement the required transparency standards and will receive assistance to make the best use of cross-border information-sharing channels.

Acting CEO of FRCS, Malakai Naiyaga said with government backing, they have successfully achieved this specific milestone.

Naiyaga said having progressed through various crucial EU requirements; they have a well-defined plan to address the other outstanding obligations.

Ilaitia Ravuwai
Ilaitia Ravuwai
Journalist | news@fijilive.com

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