VMS targets further 16,000 businesses
May 23, 2019 4:47 pm
Fiji Revenue and Customs Authority chief executive Visvanath Das
Around sixteen-thousand businesses will be fiscalised under the third phase of the VAT monitoring system which rolled out yesterday.
Fiji Revenue and Customs Authority chief executive Visvanath Das says the objective of this system is not only to have efficient and reliable software to encourage voluntary compliance but at the same time collect the revenue due to government.
Das has clarified that under the regulation, businesses will have to fiscalise all their activities.
“There are various activities operated under the TIN, under one TIN and if some of the business activities are not part of the group of businesses still they have to comply. Say for example in the first phase when we had the supermarkets so if the supermarkets were doing retailing and wholesaling as well the wholesaling aspect of the business was not fiscalised because there was a technical argument that the wholesaling aspect of the business has not been regulated for fiscalization.”
Businesses have until 31st July to comply with the regulation.
Meanwhile, FRCS has collected four-million dollars in Plastic Bag Levy through this VAT monitoring system, $600,000 in Environment & Climate Adaptation Levy and $400,000 in service turnover tax since its implementation in 2017.