There are about 117,000 Micro, Small and Medium businesses in Fiji out of which around 22,800 businesses are paying taxes amounting to around $59 million annually.
This was revealed by the Fiji Revenue and Customs Service CEO, Udit Singh while speaking at the MSME Day Celebration 2024 at their office in Nasese and says it is evident that MSME's play a very pivotal role in driving Fiji's economic growth, creating employment and alleviating poverty.
When questioned by fijivillage News why there are only 22,800 businesses paying tax out of 117,000, Singh says this could be due to less knowledge of the taxation process or not knowing the 30,000 threshold.
The CEO says MSME’s hold great potential to transform economies and promote equitable economic growth if given adequate support.
He further says one of their strategic objectives is to provide excellent service to all their clients.
Singh says the teams are going to MSME’s in different communities and creating more awareness of the taxation process as many people still lack knowledge.
The CEO adds through their basic tax financial literacy they are empowering small business communities to enhance the tax requirements and make them self-sufficient and independent.
The FRCS also launched its Business Information Support Centre today which will assist the MSME's to keep a record of their business.
Meanwhile, 100 business owners were awarded certificates for completing the MSME’s Business Support Course.
The second phase of the course will begin in August this year.
