SUNBIZ

BSP, FRCA Partner To Provide VAT Refund Service

  tourist VAT refund facilities has been extended with Bank South Pacific following an agreement with Fiji Revenue and Customs Authority yesterday. The MOU signed by the two parties now
25 Nov 2015 09:54
BSP, FRCA Partner To Provide VAT Refund Service

 

tourist VAT refund facilities has been extended with Bank South Pacific following an agreement with Fiji Revenue and Customs Authority yesterday.

The MOU signed by the two parties now allows the bank to set up services from currency exchange to VAT refunds for tourists.

FRCA chief executive JitokoTikolevu said the services will particularly be for the main ports to cater for cruise liners with up to 3 vessels expected to berth in Fiji on a weekly basis.

Mr Tikolevu said: “The MOU is about BSP coming on board to be the bank giving out refunds for TVRS (TAX VAT Refund Scheme) so by now they will be responsible.

“Given the continues increase in numbers for vessels to come to Suva particularly, it’s a challenge to be there in numbers to give the refunds and I’m glad that they have come on board to actually do that service on behalf of the Government.”

He added: “In the 2016 budget announcement, the Minister for Finance also announced implementation of the downtown duty free.

“A lot of initiatives were brought by government to try and improve and facilitate perhaps the number of tourists that continue to increase year by year.”

BSP Fiji Country manager Kevin McCarthy added the agreement is a great service and will be convenient for the tourists.

Mr McCarthy said: “We’re initially doing it in Suva than we are going to expand it to Lautoka, Denarau and other Ports it’s a service that will build overtime we are very happy and think that as BSP will cover a great level of service to the tourist and also to FIRCA in terms of the arrangements here.”

BSP will be having new services and projects coming up and stated by next year, there will be another new product coming out that will be friendly on smart phones.

Feedback:  stella.moresio@fijisun.com.fj




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