Businesses warned to quit engaging in unscrupulous practices
January 29, 2019 2:06 pm
In light of the recent tax evasion investigation into several businesses, the Fiji Revenue and Customs Service is warning traders to abide by the law.
Chief Executive, Visvanath Das says the tax rules are simple and those engaging in dishonest business practices need to understand they are not going unnoticed.
Revenue and Customs is calling on companies to conduct their business legitimately.
“We trust you and we let the businesses do business and make your money but please do so in a legitimate way. Don’t think that you are going unnoticed. We do build profiles and if you are involved in fraud, prohibited items, undervaluation then I’m sorry to say that you will need to face the full brunt of the law.”
Das says businesses need to start opting for voluntary compliance or the consequences for such unethical practices will not end well.
Under the law, if a business engages in tax evasion, they will either pay a fine of $25,000 or face a jail term of ten years for their company directors.
Another major area of concern remains the black eraconomy.
Black Economy is the unrecorded and untaxed wealth which accounts for an estimated one third of Fiji’s market.