EFD compliance remains a challenge says Das
March 23, 2019 7:33 am
The Fiji Revenue and Custom Service says the compliance with the Electronic Fiscal Device and subsequent regulations remains a challenge.
Chief Executive Visvanath Das says since its implementation in 2017, the compliance level currently stands at 82 percent with Revenue and Customs still liaising and assisting businesses to fully comply with the regulation.
Das says phases one and two have been challenging.
Phase one includes supermarkets and pharmacies and phase two are law firms, medical centres, travel agencies, accounting firms and hardware companies.
He adds that to ensure full and effective compliance, they have issued numerous infringement notices to companies because of non-compliance.
Das notes however that as a result of implementation of the Electronic Fiscal Device and regulations two years ago, the FRCS has $52.3 million fiscalised receipts in its database with an estimated sales record of $1.3 billion.
Revenue and Customs has also recorded $100 million dollars in gross VAT and $3.5 million in Plastic Bag Levy through the VAT Monitoring System (VMS) since its inception in December 2017.
The head of the FRCS stresses that the objective of this system is not only to have efficient and reliable software to encourage voluntary compliance but at the same time collect the revenue due to the government.