[Photo: File]

The implementation of Fiji’s mandatory asset declaration regime for registered sole traders has been delayed by a year.

The regime, announced in the 2026 Budget and originally scheduled to take effect on 1 January 2026, will now begin on 1 January 2027.

Minister for Finance Esrom Immanuel told Parliament the delay follows work by the Fiji Revenue and Customs Service to develop the framework and consultations with stakeholders.

“The regime has not yet been implemented. Following the budget announcement, the FRCS undertook detailed work to develop an appropriate and practical framework to operationalise the measure.”

Immanuel says a public notice was issued in February informing taxpayers that implementation would be deferred to a subsequent filing period.

He says the additional time is needed for system development, policy refinement and taxpayer readiness.

The asset declaration process will be digitalised and integrated into the FRCS online tax system, allowing affected sole traders to submit their declarations alongside their tax returns.

The Minister says the regime is intended to strengthen tax compliance and transparency by giving FRCS additional information to assess risk and verify declared income.

“The fundamental objective is to strengthen tax compliance and transparency by providing FRCS with additional information to support risk assessment and the verification of declared income.”

He says the information will help identify inconsistencies between a sole trader’s declared income, business activity and asset position.

Immanuel confirmed consultations were conducted after the declaration was made.

However, he says there will be no additional financial cost to sole traders once the system is introduced, although it will create an additional compliance requirement.

FRCS plans to conduct a nationwide stakeholder awareness and education programme in the final quarter of 2026 ahead of the new implementation date.