Saturday, May 18, 2024
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FRCS unveils VAT compliance campaign

The Fiji Revenue and Customs Service (FRCS) has launched a Value Added Tax (VAT) Compliance Campaign, an innovative endeavor aimed at promoting transparency, comprehension, and adherence among taxpayers in Fiji.

This initiative is of great importance following the recent Fiji Government announcement of the increase in the VAT rate from 9 to 15 per cent.

The campaign is a holistic program designed to establish a clear connection between taxpayers and the tax administration, assuring that all individuals and commercial entities understand their VAT duties.

It is aimed at fostering awareness, endorsing accountability, and encouraging VAT return compliance among all taxpayers.

The campaign will be in the following stages:

Reminding and Training: FRCS will advise taxpayers about their pending VAT returns. This stage will also include training sessions on the Taxpayer Online Service (TPOS) to ensure every taxpayer is equipped with the knowledge to file their returns accurately and promptly.

Publishing TIN: FRCS will publish the Taxpayer Identification Numbers (TIN) of those who, despite reminders, fail to file their outstanding VAT returns. This publication will serve as a second reminder and will encourage those taxpayers to complete their filings.

Raising Default Assessments: Should there still be non-compliant taxpayers after the first two stages, FRCS will raise default assessments. This stage will help the authorities in identifying taxpayers still conducting business without complying with their VAT responsibilities.

Penalties and Prosecution: In the final stage, FRCS will enforce penalties for taxpayers whose VAT returns are outstanding and frequently lodge their returns late. There will be no waiver of late lodgment penalties in such cases. FRCS will also consider potential prosecution of those who consciously evade their tax responsibilities.

These stages together serve as a comprehensive strategy aimed at ensuring every required Fijian taxpayer understands, and complies with their VAT obligations, contributing to the economic prosperity of our nation.

Reginald Chandar
Reginald Chandar
Head of News & Sports | news@fijilive.com

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