The Fiji Revenue and Customs Service are seeking submissions on the draft VAT (Value Added Tax) Bill through virtual public consultation and written correspondences.

The re-write of the VAT law was initiated in 2018 with assistance from the International Monetary Fund.

FRCS states that the primary objective of drafting the VAT Bill is to have it in a simplified language and text.

This will allow for easier interpretation and application of provisions within the legislation and align to the current way of conducting business.

The new features include transactions within the digital economy and provision of remote services, supply of goods and services through electronic distribution platforms and new rules on claiming VAT inputs through creditable acquisitions.

The taxing entity further states that the introduction of certain conditions for voluntary registration and new rules on the supply of secondhand goods to allow for deemed VAT input claims on the acquisition of secondhand goods are changes that will be expected as well.