Over $2 billion of black money in Fiji
June 14, 2017 5:11 am
More than two billion dollars is believed to part of the black economy in Fiji since 2006.
Minister for Economy, Aiyaz Sayed-Khaiyum says this is a huge increase and government is investing in modern technology to assist in curbing this issue.
“In 2006, the World Bank had assessed that the black economy in Fiji at that point in time was worth about seven hundred and sixteen million dollars. If you extrapolate that to now , that time the revenue collection was one third of what it is today, so you can safely say that since seven hundred sixteen million dollars multiply by three your looking at about two point one billion dollars what would be the black economy in Fiji now so that is not acceptable.”
Sayed-Khaiyum was speaking at the launch of the Fiji Revenue and customs Authority VAT monitoring system together with two online portals for customer service and information.
He says having these systems in place will definitely ensure a transparent and fair system is being practised.