Self assessment PAYE paves the way for more tax reforms
September 23, 2015 12:59 am
Tax reforms are a key feature of the Fiji Revenue and Customs Authority with the PAYE self assessment, the pilot program.
FRCA CEO Jitoko Tikolevu says over the last couple of years, the authority has worked out a self assessment program for Pay As You Earn tax which has led to the huge difference in payouts.
In 2011, FRCA paid out 27 million dollars in returns, 28 million dollars in 2012 right down to 2 million dollars in 2013.
“We are going to continue with this reform to other forms of entities, sole traders, partnerships, trust and all that so we starting off with individuals as well other types of taxes, VAT, need to be self assessed and other tax types.”
Last year, the authority paid out a total of 620 thousand dollars in returns.
Tikolevu adds so far this year, more than 20 thousand dollars has been paid out and it most likely stems from individuals with side businesses.