SUNBIZ

Authorities Strengthen Tax Compliance

The Fiji Financial Intelligence Unit (FIU) and the Fiji Revenue and Customs Authority (FRCA) have agreed to share information and intelligence to further strengthen tax compliance in Fiji. The two
15 Sep 2014 10:34
Authorities Strengthen Tax Compliance
Scene of the bus accident at Lakena, Nausori

The Fiji Financial Intelligence Unit (FIU) and the Fiji Revenue and Customs Authority (FRCA) have agreed to share information and intelligence to further strengthen tax compliance in Fiji.

The two agencies have amended the Memorandum of Understanding (MOU) that was initially signed in 2007.

This will now allow authorised officers from FRCA to directly access FIU information and intelligence.

Under the new arrangement, authorised FRCA officers will be able to access FIU database that stores millions of crucial information on persons, entities, and transactions involved in suspicious transactions, $10,000 cash transactions, international remittance transactions and border currency declarations.

Fiji Financial Intelligence Unit director, Razim Buksh, said the Financial Transactions Reporting (FTR) Act allows such sharing of information.

This, he said, was with its key partner agencies such as FRCA, Fiji Independent Commission Against Corruption, Fiji Police Force and the Reserve Bank of Fiji.

Mr Buksh said FRCA continues to be a major beneficiary of FIU’s information and intelligence when dealing with tax crimes and customs related fraud.

FRCA chief executive, Jitoko Tikolevu, thanked the FIU for the partnership, networking and sharing of information that will contribute to a stronger tax compliance framework in Fiji.

Mr Tikolevu said access to FIU information will greatly assist FRCA to enforce tax and customs laws and regulations.

He said the development of the Fijian economy depends largely of the level of tax compliance.

“FRCA will continue to work in partnership with other agencies of the Fijian Government to ensure that tax evasion and the attitude towards tax payment are effectively addressed,” he said.

Information will be exchanged using a secure IT platform within the FIU.

All information that will be exchanged will be treated with strictest confidentiality as provided under tax and customs laws, the FTR Act and in accordance with the MOU.

 

 




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