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6 months amnesty for declaration of foreign assets

November 23, 2014 12:20 am

The Fiji Revenue and Customs Authority is giving local residents six months next year to declare assets kept offshore without copping any penalties.

FRCA chief executive, Jitoko Tikolevu says they are giving Fiji residents a chance to declare offshore assets and income.

He says the authority wants to know if the residents are paying taxes in the countries where the assets are kept.

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The amnesty will be on all penalties payable on outstanding taxi liabilities.

FRCA will run a six month programme in 2015 where local residents can voluntarily declare assets offshore.

Tikolevu says all amnesty applications will be considered by a committee consisting of the FRCA board and the CEO.

The areas covered include foreign income or transaction with an offshore structure and deductions relating to foreign income that have been claimed incorrectly.

It also covers capital gains in respect of foreign assets or Fijian assets transferred offshore and income from an offshore entity that is taxable in Fiji and offshore deductions to domestic income.

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