Over $150m lost annually due to fraudulent practices
November 8, 2015 5:44 pm
Fiji loses over $150m annually due to fraudulent practices by some businesses in the country.
The government has announced new tax measures in the 2016 national budget… to stop unscrupulous traders from stealing from the state.
Finance Minister Aiyaz Sayed-Khaiyum says the Fiji Revenue and Customs Authority will set-up a system in the next few months that will link FRCA to supermarket cash registers so that all transactions are reported automatically in real time.
$5m has been set aside in the 2016 Budget to invest in technology for the Ministry of Finance and FRCA to ensure better reporting and compliance.
“We need to do that – because we have found also in some supermarkets – they have like six or seven cash registers – two of them is only for them – the other’s are official – and the other’s are unofficial. What we are saying is that we want people to make money- but please don’t steal from the system. We want to create a system where it makes it less of an opportunity for the people to steal.”
Sayed-Khaiyum says much income goes unreported through the informal economy or through simple tax evasion because Fiji has for a long time lacked a credible system to encourage or compel tax compliance.