Fiji has joined the Global Forum on Transparency and Exchange of Information for Tax Purposes for publishing which is also a major step towards achieving one of the Fiji Revenue Customs Service’s strategic objectives for the year to remove Fiji from the European Union blacklist.
FRCS says with government backing, they have successfully achieved this specific milestone.
Fiji is the 169th member on the Global Forum.
The Global Forum is the leading international body working on the implementation of global transparency and exchange of information standards around the world.
Since the end of banking secrecy in 2009, the international community has achieved great success in the fight against offshore tax evasion.
FRCS says working through the Global Forum, countries have implemented robust standards that have prompted an unprecedented level of transparency in tax matters along with increased tax revenue and fairness in the tax system.
The Chair of Global Forum, Gaël Perruad stated Fiji’s adhesion perfectly demonstrates the joint resolve to enhance and optimize international collaboration in the fight against tax evasion and avoidance.
Like all other members, Fiji will participate in the decisions of the Global Forum on an equal footing and will engage in combatting offshore tax evasion through the implementation of the internationally agreed standards of Exchange of Information on Request and Automatic Exchange of Financial Account Information.
Fiji will also take part in the extensive capacity-building program initiated by Global Forum to implement the required transparency standards and will receive assistance to make the best use of cross-border information-sharing channels.
Acting CEO of FRCS, Malakai Naiyaga says with government backing, they have successfully achieved this specific milestone.
Naiyaga says having progressed through various crucial EU requirements, they have a well-defined plan to address the other outstanding obligations.
