Fijians will now be able to easily understand the mechanics behind the Value Added Tax (VAT) system as Fiji Revenue and Customs Service has launched a VAT guide which is a one-stop shop for all businesses.
Speaking at the launch yesterday, FRCS acting chief executive, Malakai Naiyaga said the guide has been designed to simplify the understanding and application of the VAT legislations, in particular for those that do not have much technical knowledge on VAT.
He said the Guide can be accessed on the FRCS website.
“In the 2023-2024 National budget, the government is forecasting $3.1 billion in revenue to be collected by FRCS. VAT amounts to $1.3 billion, which represents about 50 percent of the total revenue.”
Naiyaga said VAT is a large component of government revenue that the FRCS collects, and it has equally a large risk of non-compliance.
He also highlighted that revenue collection for the first quarter of the (2023-2024 financial year) has been positive and preliminary numbers are looking quite good and since the implementation of the two VAT systems, collection has improved.