People will now be able to easily understand the VAT system as Fiji Revenue and Customs Service has launched a VAT Guide.
While speaking during the launch of the VAT Guide, Fiji Revenue and Customs Service Acting CEO Malakai Naiyaga says the guide has been designed to simplify the understanding and application of the VAT legislation, in particular for those that do not have much technical knowledge on VAT.
It can be accessed on the FRCS website.
Naiyaga says in the 2023-2024 National budget, the government is forecasting $3.1 billion in revenue to be collected by FRCS.
He says of this VAT amounts to $1.3 billion, which represents about 50 percent of the total revenue.
Naiyaga says VAT is a large component of government revenue that the FRCS collects and it has equally a large risk of non-compliance.
While responding to questions by fijivillage News on the level of VAT compliance by businesses and individuals, Naiyaga says according to the FRCS Compliance Audit there is still quite a few of loophole particularly around the SME space and hopes the guide will be useful.
Meanwhile, Naiyaga says revenue collection for the first quarter of this financial year has been positive and preliminary numbers are looking quite good.
He further says since the implementation of the two VAT system, VAT collection has improved.
Naiyaga also adds the VAT Monitoring System remains on hold and under review.
