SUNCITY

Tax Amnesty Continues

The Fiji Revenue and Customs Authority (FRCA) yesterday announced the Tax Amnesty period which started from January 1 to June 30, this year. This amnesty programme is for locals who
17 Jan 2015 12:24
Tax Amnesty Continues
FRCA chief executive officer Jitoko Tikolevu.

The Fiji Revenue and Customs Authority (FRCA) yesterday announced the Tax Amnesty period which started from January 1 to June 30, this year.

This amnesty programme is for locals who failed to declare their assets kept offshore.

The programme was initially announced by the Minister for Finance, Aiyaz Sayad-Khaiyum during the  National Budget announcement last November.

FRCA chief executive officer Jitoko Tikolevu said they had information from their counterparts on locals who had assets in these various countries.

He said this was the only time taxpayers would get to declare their taxes before the penalties are laid.

“This is an opportunity for taxpayers to voluntarily comply and provide all information to us,” Mr Tikolevu said.

However the FRCA will not charge penalties on tax liabilities provided taxpayers confirm they have difficulties paying their taxes.

The amnesty was specifically for those who genuinely have difficulties in paying their tax liabilities, which they had agreed to.

All taxpayers that have fully accepted their tax liability as at December 31, 2014 are eligible to have their penalties waive.

“Taxes are not being waived, but only penalties. As we move towards self- assessment and voluntary compliance regime, this is an initiative to assist those who genuinely had challenges in paying their taxes to start afresh with full compliance.”

FRCA has a Tax Amnesty Administration Committee that will accept and scrutinise applications. An executive committee that includes the FRCA board chairman and the chief executive officer will decide on the waiver of penalties.

Mr Tikolevu confirmed they will not claim penalties for late lodgement, late payment, for failing to maintain proper records and may also put aside penalties for breach for possession agreement and Insufficient Advance Payment Penalty (IAPP)

FRCA is currently owed $50.3million from over 8000 taxpayers. Of this, 56 per cent are companies and 42 per cent are individuals. The other two per cent are NGOs and partnerships.

Feedback:  stella.moresio@fijisun.com.fj

 




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