Bill to give legal backing to tax amnesty
August 24, 2015 5:23 am
Parliament will tomorrow debate a Bill on the tax amnesty currently being administered by the Fiji Revenue and Customs Authority.
Finance Minister Aiyaz Sayed-Khaiyum says the Bill gives legal backing to the amnesty which allows locals to declare assets overseas.
People who earn income from any form of investment overseas are legally obliged to declare it and pay tax.
‘’what we hear from the market is that if we actually made an amendment because there’s a distrust of FIRCA, that somebody in FIRCA might decide to change their mind and you know assess them, so what we’re hearing from the public is that if we put it in law, then they feel a lot more secure, because there are a lot more people off shore who have yet to declare all their assets. So given Madma e Speaker, the fact that the amnesty runs out in October, this is why this matter is urgent’’.
Seventeen million dollars has so far been declared to FRCA.