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Submissions open for VAT amendments

November 25, 2021 11:00 am

The Fiji Revenue and Customs Service (FRCS) are undertaking submissions on the draft Value Added Tax Bill through virtual public consultation and written correspondence.

The re-write of the VAT law was initiated in 2018 with assistance from the International Monetary Fund with the primary objective to have it in a simplified language and text.

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

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New features of the draft VAT Bill include transactions within the digital economy and provision of remote services, supply of goods and services through electronic distribution platforms.

There are new rules on claiming of VAT inputs through creditable acquisitions and the introduction of certain conditions for voluntary registration.

New rules will also apply to the supply of second hand goods to allow claims on the acquisition of second hand goods.

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