SUNBIZ

‘Do Business Within The Boundaries Of The Law’

This comes after FRCS were informed of rumors spread by people with different understandings of the tax and customs policies.
20 Feb 2020 13:11
‘Do Business Within The Boundaries Of The Law’
Fiji Revenue and Customs Service tax officer Esala Vukinavanua presenting on regulatory requirements and understanding the customs and tax requirements at USP Japan ICT multipurpose theatre. Photo: Laiseana Nasiga.

Fiji Revenue and Customs Service tax officer Esala Vukinavanua is advising members of the public to seek the advise of FRCS when unclear about its policies.

This comes after FRCS were informed of rumours spread by people with different understandings of the tax and customs policies.

Mr Vukinavanua was speaking at the University of the South Pacific entrepreneurial fair.

The fair was held at the Japan ICT multipurpose theatre yesterday.

Business registration

“I understand that most people are believing that market vendors are not required to register for Tax Identification Number or register their business which is incorrect.

“Every business established in Fiji is required to register for a Tax Identification Number (TIN) at FRCS.

“This includes, market vendors, middle men, produce suppliers (farmers), moneylenders and landlords.

“They are also required to register their TIN.

“In some cases that we have come across, some landlords don’t have a TIN while most of them are sole owners but the issue is when they get to declare their income they don’t declare their rental income.

“People have been saying that even when you register for a TIN, some people are actually spreading the rumour that you will be taxed automatically.

“That is not correct.

“It’s always good to listen from the source (FRCS) because we administer the law.

“We want to assist you, so if you hear these kind of false information and you are not sure, visit our office and we can correct it for you,” he said.

Tax types registration

Mr Vukinavanua said businesses are also required to register for other tax types where applicable.

“Not all businesses may be required to register for other tax types however maybe required where certain registration rules have been met.

“A middleman is required to register their TIN and business with FRCS and declare their business income on a yearly basis,” he said.

Record keeping

Mr Vukinavanua also highlighted the importance of record keeping of business records.

“All registered businesses are required to keep proper records for at least seven years.

“Businesses that wish to discard records before seven years must write a request to the FRCS chief executive officer for approval.”

His message to the public: “When you do business, do it within the boundaries of the law.”

For any clarification on FRCS’s business policies on tax and registration, Mr Vukinavanua can be reached via email evukinavanua@frcs.org.fj or info@frcs.org.fj

Feedback: laisesana.nasiga@fijisun.com.fj

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