SUNBIZ

Tax Exemptions for Overseas Studies

Parents wishing to send over $2000 to their children studying abroad will no longer need tax clearances from the Fiji Revenue and Customs Authority from September 1 this year. However,
13 Aug 2014 10:33

Parents wishing to send over $2000 to their children studying abroad will no longer need tax clearances from the Fiji Revenue and Customs Authority from September 1 this year.

However, the Authority has capped the limit of overseas remittance without tax clearance to be $20,000.

The decision by the Authority is part of its commitment to assist Fijians and businesses by improving its systems and processes.

“We have listened to our customers, in particular businesses who regularly remit funds overseas and have found it cumbersome to come to our offices for tax clearance whenever the amount is over $2000,” FRCA Chief Executive, Mr Tikolevu said.

“However, we have capped the limit at $20,000 and we trust our taxpayers to be responsible in continuing to fulfill their tax obligations.

Being mindful

“We are mindful of the risk we have taken to do this, we have placed our trust on our customers and we expect the same from them.

“This means that individuals and business will not require Tax Clearance certificate for remittances that are valued at less than FJD $20,000. Any transaction exceeding FJD$20,000 will require a Tax Clearance certificate from FRCA.

“With this positive transition, the Fiji Revenue and Customs Authority believe that it will improve efficiency and ease the cost of doing business in Fiji.

This is certainly a bold move by the Authority and with it comes the trust that taxpayers will act responsibly and will continue to fulfill their tax obligations.”

FRCA has assured taxpayers that it will continue to review its operational policies and practices to bring in more efficiency and improvement in its services.




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