No extension of timelines for VMS implementation:FRCS
February 16, 2018 7:39 pm
There will be no extension of timelines for the VAT Monitoring System (VMS) implementation by Supermarkets and pharmacies.
This was highlighted by Fiji Revenue and Customs Chief Executive, Visvanath Das at the VMS Awareness Forum held in Suva this week.
The extended time given for supermarkets and pharmacies to install and operate VMS device is on the 28th of this month.
Phase 2 of the rollout for VMS has also been gazetted.
Medical centres, travel agencies, accounting firms, law firms and hardware companies (wholesale and retail) are required to install, implement and operate VMS on or before June 30th.
Das says there’s no turning back and businesses will have to comply with the implementation of the project to create greater transparency, level the playing field and encourage good governance
He says the world over, in order to increase tax revenue, the tendency is to increase tax rates, however, the Fijian Government has lowered tax rates.
The Revenue and Customs Service says it has done this by reducing the VAT rate from 15 percent to 9 percent and income tax rates to 20 percent.
Meanwhile, Das says despite these tax reductions, revenue has grown by 14 percent.
Revenue and Customs in collaboration with VMS vendors, POS providers and consultants will continue to work closely with supermarkets and pharmacies through the accreditation process to ensure all comply by end of this month.