AG urges businesses to do away with dishonesty
August 21, 2015 7:30 pm
Attorney General and Finance Minister Aiyaz Sayed-Khaiyum says there is a certain level of culture of dishonesty practiced by businesses in Fiji.
Sayed-Khaiyum says a study done few years ago shows Fiji’s black economy is valued at one third of our GDP.
He says unless everybody agrees to get rid of these anomalies, Fiji will not be able to proceed to the next stage of economic development.
“The issue that I raised about the VAT collection rates going down for importation goods does not necessarily mean we are importing less – the reality is that there is under declaration or the value of goods that is being brought into Fiji – because of VAT exempt items there are supermarkets who are rigging the system.”
Sayed-Khaiyum also highlighted that Fiji has the lowest corporate taxation rates in this in this part of the world.