The Fiji Revenue and Customs Service will soon start publishing names of those businesses that have not lodged their VAT returns for a period of 6 months or more from the date in which such returns are to be lodged.
Chief Executive Officer Visvanath Das has cautioned businesses that VAT is a trust money and should be remitted to Revenue and Customs on time.
Any failure to do so may also result in imposition of maximum penalty of 300% of the total taxes due or prosecutions for non‑filing.
Das stresses that any business which operates and earns an annual income of $100,000 or more must be registered for VAT and must be lodging for their VAT returns regularly.
Revenue and Customa says that the law also provides for Temporary Closure of Business, under Section 32 of the Tax Administration Act 2009, if taxpayers do not lodge their VAT returns or pay their VAT by the due date.
Das also says that they are inviting businesses with turnover of less than $1.5 million to take advantage of the Government’s current Tax Amnesty Initiative and become compliant at the earliest without having to suffer penalties, fines and prosecutions.
He says businesses should contact Revenue and Customs if they do not understand or know their tax obligations.
