Business

Submit correct taxes: FRCA urges

By RANOBA BAOA Fiji Revenue and Customs Authority yesterday urged employers to submit correct taxes for employees. Authority chief executive, Jitoko Tikolevu, highlighted this as he launched the Pay As
06 Mar 2014 12:17

By RANOBA BAOA

Fiji Revenue and Customs Authority yesterday urged employers to submit correct taxes for employees.
Authority chief executive, Jitoko Tikolevu, highlighted this as he launched the Pay As You Earn (PAYE) final withholding tax 2013 yesterday at the authority complex in Suva.
A system introduced the past year ensured that employers deduct the correct amount of PAYE from payments made to employees for past year.
This followed the announcements that the 2013 Income Tax Returns (Formerly known as Form S) would no longer be lodged in 2014.
However tax return will only be allowed only on exceptional occasions (see infographic).
While addressing some 100 employers at the event, Mr Tikolevu said: “We look forward to your support and understanding on that issue when…the penalty regime start kicking in.
“I need to reiterate the fact that we want you to implement the right thing in terms of raising the final tax and we want you to do the right thing as well.”
Employers who have yet to submit complete tax package for their employees are given until March 31.
But given the magnitude of work and time period, Mr Tikolevu said they may be flexible with the compliance date.
The authority records 6061 employers registered in Fiji.
And in order to capture all employers, the authority will conduct a road show in the coming days/weeks in various parts of the country.
The final tax will also ensure that ‘ghost’ employment will be eliminated.

FRCA will only accept PAYE returns from following:
– those with two or more employments during the year and the total income received is above $16,000
– those who have been employed for part of the tax year and the total income received is above $16,000
– if you have received dividend income which is not exempt from tax and your total income is above $16,000
– in cases where tax withheld has been over deducted by employer;
– in cases where tax withheld has been under deducted by employer and;
– if you have received a notice to or demand from the Commissioner to lodge a return.




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