FRCS and FCCC collaborate to form a Joint Taskforce on Price Surveillance

FRCS and FCCC collaborate to form a Joint Taskforce on Price Surveillance

By Navitalai Naivalurua
Friday 04/08/2023
[Photo: Supplied]

The Fiji Revenue and Customs Service in collaboration with the Fijian Competition and Consumer Commission has formed a Price Surveillance Taskforce and the two organisations have intensified inspections and are closely monitoring the market to ensure that the changes in the VAT rates and customs duties announced in the 2023/2024 National Budget are reflected correctly in the final prices and consumer interests are protected.

In a joint statement by FRCS and FCCC, they say effective from 1st August, the three VAT rates have been replaced with a simplified two VAT rate system.

They say the 9 percent VAT has increased to 15 percent while the 0 percent VAT rate has been maintained.

They say the 21 zero-rated VAT items have been increased to 22 items with the addition of prescription medicine and prescription drugs.

Additionally, import duties have been reduced on sheep and lamb meat, prawns, ducks, corned meat of lamb, sheep and beef, canned mackerel, canned tomatoes and chicken portions.

The FRCS team has also been conducting analysis of shipping and other related costs to verify the pattern of price changes.

FRCS Chief of Staff, Shavindra Nath says that it is important to ensure that the intention of the budget policies announced by the government is achieved.

He says when taxes or duties are reduced, the intent is to reduce the prices of these products and promote consumer choices and if the prices are not reduced, then it defeats the purpose of these changes.

Nath says that is why it is critical for agencies such as FRCS and FCCC to monitor that these changes are correctly reflected in the prices.

He adds the VAT zero rating has been maintained and in fact, increased with the inclusion of prescribed medicine and drugs and the increase in VAT from 9 percent to 15 percent should not impact the prices of these zero-rated items.

The FRCS Chief of Staff says they are aware that a large majority of retailers wish to comply with the law, and they are willing to help and guide them so that they can implement these changes correctly, however, instances of deliberate non-compliance will be dealt with strongly.

FCCC CEO, Joel Abraham says cost of living is a matter that resonates deeply within the communities and it is not just an economic issue; it's a fundamental aspect of daily life that affects families across Fiji.

Abraham says the collaboration between FCCC and FRCS on Price Surveillance is more than a regulatory step; it's an initiative aimed at safeguarding the welfare of all citizens.

He says the new VAT system and duty reductions should make essential goods more affordable and they are committed to ensuring these changes are accurately reflected in market prices, and any non-compliance will be met with decisive action.

He adds together with FRCS, they are working to ensure the government's intentions become real benefits for our people, focusing not just on compliance but on enhancing their quality of life.

FEATURE NEWS
Drua's hopes for playoff spot still alive after 28-19 win over Reds
The Swire Shipping Fijian Drua's hopes of making the playoffs of the Shop N Save Super Rugby Pacific competition are still alive after defeating the R...
4 hours ago
LATEST NEWS
RFNS Puamau to assist Fiji’s ability to protect its waters - Rabuka
While commissioning the new naval vessel RFNS Puamau, Prime Minister Sitiveni Rabuka says the vessel vessel has arrived at a critical time to assist ...
2 hours ago

Sanatan Dharm Pratinidhi Sabha seeks to boost youth involvement and community engagement through temple consultations
To get more people engaged in the running of their respective temples and increasing participation in religious festivities, the Sanatan Dharm ...
2 hours ago

Fiji Museum unveils third gallery featuring unique artifacts
Families gathered in numbers to celebrate International Museum Day 2024 as the Fiji Museum opened its third gallery today. A few of the artifacts ...
2 hours ago

Grammarians blessed to be part of the 60th+4 Diamond Jubilee celebrations
During the official opening of the Suva Grammar School’s 60th+4 Diamond Jubilee celebrations, many Grammarians were seen reminiscing about their ...
2 hours ago

FELT Framework promotes minimum wage for local tradesmen and women
The Framework on Engaging Local Tradesmen/Women is promoting minimum wage standards, indicating a new era of fair compensation and empowerment for ...
3 hours ago



fijivillage Straight Talk with Vijay Narayan
Latest Videos

Stay tuned for the latest news on our radio stations

CFL radio frequencies
yb
IN DEPTH
Ministry of Home Affairs Talanoa Session on Illicit Drugs and Substance Use Disorders in Fiji
The pervasive threat of illicit drugs has emerged as a pressing concern, rapidly infiltrating and destabilizing our society therefore the Republic of ...
1 day ago

Bainimarama and Qiliho hearing in dismissal of 2 police officers case
Acting Director of Public Prosecutions John Rabuku says he wants the hearing of former Prime Minister Voreqe Bainimarama and suspended Police ...
1 day ago

TOP