The government has given an ultimatum to those people who own assets overseas and have yet to declare them – to do so or pay heavy penalties.

In the 2015 national budget address, government announced that from January, it was giving six months for declarations to be made.

Finance Minister Aiyaz Sayed-Khaiyum says they have now extended that period to 15th of October.

‘’We have had so far, about $13.5 million worth of assets have been declared by Fijians who hold it offshore that had not been previously declared, so this extension till the 15th of October, we are giving people more time. Any declaration of any assets will not raise any assessable income from that’’.

The Minister says from 2016, after declaration – any income derived from assets abroad, will be taxed.