Joint taskforce to monitor VAT decrease
December 4, 2015 7:31 pm
A joint taskforce has been formed to track down traders who don’t pass on the reduction in Value Added Tax and duties to consumers.
The team consists of the Fiji Revenue and Customs Authority, the Commerce Commission and the Consumer Council of Fiji.
The Consumer Council of Fiji will monitor price change, conduct preliminary investigations and report anomalies to the Fiji Commerce Commission and the Fiji Revenue and Customs Authority.
Acting Chief Executive of FRCA Visvanath Das says infringement notices and spot fines will be handed to traders who deliberately increase prices even though taxes on the items have decreased.
The trader will also be subjected to a comprehensive Audit which will have its own repercussion.
The Consumer Council will appoint VAT Monitors who will see that the reduction is passed on to consumers.
Major industries that have come under Council’s radar in the past are ICT, Car dealers, Spare parts and the duty free sector.