Businesses need to file tax returns or face steep fines: FRCA
July 18, 2017 6:20 pm
There are currently nine tax returns cases pending before the court which includes seven companies and two sole traders.
The Fiji Revenue and Customs Authority will increase the penalties for failing to file tax returns to $25,000 or ten years’ imprisonment from next month.
Currently the maximum penalty for failing to file tax returns under the law is $15,000 or twelve months’ imprisonment or both.
In a recent case Patterson Brothers Transport Ltd has been convicted for failing to file tax returns.
The company pleaded guilty to eight counts of failing to file tax returns as required under section 49 of the Tax Administration Act.
The company failed to lodge tax returns from 2008 to 2015 and was imposed a fine of $12,000, that is $1,500 for each count by the Court.
FRCA Chief Executive, Visvanath Das says despite numerous awareness campaigns, some businesses continue to cheat the system and they have no choice but to prosecute such offenders.