FRCA clamp down businesses who deliberately hide revenue
October 20, 2015 5:14 am
The Fiji Revenue and Customs Authority is going to clamp down on businesses which deliberately hide revenue.
Less than a month away from the 2016 budget, FRCA chief executive Jitoko Tikolevu has revealed that they are now going after businesses which treat taxes as a matter of choice.
Tikolevu is scathing about non-compliance from certain businesses – he’s listed a number of infringements that FRCA has discovered.
Some businesses failed to declare millions of dollars in earnings which are deposited in various bank accounts.
Tikolevu has also hit out at big accounting firms claiming one hundred percent tax deductions on Fiji National Provident Fund payments – when the law allows fifty percent. This is being done on behalf of business clients.
Another problem for FRCA is importers under-declaring the value of products or wrongly classifying items to cheat payment of duties.
FRCA has also warned that tax payers mind set must change before harsher actions against tax and duty defrauders is taken.
It’s indicated that people may even face jail time with Tikolevu saying in Western countries, businessmen or women do go to jail for simply failing to file tax returns on time.