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News

FRCS withdraws Mandatory Declaration policy

April 3, 2019 5:05 pm
FRCS Chief Executive Visvanath Dass

The Fiji Revenue and Customs Service has today withdrawn the new Mandatory Declaration of Assets policy until further notice.

FRCS Chief Executive Visvanath Dass says this is because they feel there is more consultations needed with stakeholders on the matter.

The mandatory declaration came into effect after being announced in the 2018/2019 National Budget and all businesses and commercial taxpayers were required to declare their assets along with their tax returns.

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This meant these taxpayers also had to declare any assets paid for by them even if held in any other name.

The mandatory declaration did not apply for salary and wage earners.

Details of bank, insurance policies, financial investments and liabilities were to have been declared.

No confirmation has been given on when the consultations will be held.

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