Investigation continues into tax evasion
October 24, 2017 4:48 am
The Fiji Revenue and Customs Service is investigating three major supermarket chains for tax evasion.
In an exclusive interview with FBC News chief executive, Visvanath Das, said the audit process is currently on-going.
Das says the amount of money revealed so far are quite shocking.
He adds the non-compliance by any one of the three supermarkets can amount to an average of fifty million dollars each.
Das says some of these supermarkets evade taxes by not linking their cash registers to the server.
However, the Revenue and Customs are catching up with these unethical traders.
Under current laws, the Revenue and Customs cannot name companies that are under investigation.
Once the offence is discovered, companies found to be evading taxes are compelled to pay the backlog in taxes.
After which the organisation will make a decision to either impose an additional administrative penalty or take the company to court.
The court can then decide to impose a fine of twenty five thousand dollars or send the company directors to jail for ten years.
The tax agency is also auditing hardware and construction companies.