SUNBIZ

Launch Of Blanket Tax Clearance

The Fiji Revenue and Customs Authority announced yesterday the launch of Blanket Tax Clearances (BTC) to businesses and taxpayers who have to frequently come to the Tax Office to obtain
29 May 2016 12:45
Launch Of Blanket Tax Clearance
FRCA

The Fiji Revenue and Customs Authority announced yesterday the launch of Blanket Tax Clearances (BTC) to businesses and taxpayers who have to frequently come to the Tax Office to obtain tax clearances for remitting payments for goods and services purchased from offshore.

The Blanket Tax Clearance will now allow businesses to manage their own clearances, paying of VAT Reverse Charge and Withholding taxes due, without making daily runs to FRCA.

“Fiji as an Island nation relies heavily on importation and consequently a need for remittances to be done quickly for the goods and services to be delivered.

“We, here at FRCA continue to research and analyze data to see what more can be done for our customers, to support their businesses activities providing impetus to economic activity and growth,” FRCA Acting Chief Executive Officer Mr. Visvanath Das said.

FRCA is working towards increasing business efficiencies through modernization of processes.

And as part of Government’s commitment to facilitate businesses continues to roll out initiatives to provide support to contributors to the Fijian economy.

FRCA is moving towards self-assessment and voluntary compliance, putting the onus of Compliance with the Taxpayers, ensuring that the framework of the VAT legislation and Withholding Tax Provisions of Income Tax Act 2015 is strictly adhered to at all times.

“This building of trust and willingness for the Tax Office to work in partnership with the business community and taxpayers of Fiji, is a unique approach to trusted trader initiatives in the bigger economies, where liberalization of free trade agreements have been committed by jurisdictions,” Mr. Das stressed.

FRCA rolled out its Gold Card initiative under the Bainimarama Government’s economic policies to provide priority services to the compliant Taxpayers of Fiji.

Customs Trusted Trader program is currently being reviewed as an extension to the launch of the Global ASYCUDA World web based system.

“Reviews of the Blanket Tax Clearances will be conducted at month ends to reconcile relevant tax payments have been made by BTC holders.

“Whilst this initiative is being introduced to improve business turnaround times, please take note that FRCA has the right to revoke any BTC issued, should there be an issue of non-compliance in any matters pertaining to Taxation or Customs”.

FRCA has so far issued BTC to businesses to the tune of $62m, to launch this initiative Fiji wide.

Businesses are invited to submit applications at their nearest FRCA Office, for consideration and approval.

Approval will be simply based on tax and customs compliance history of taxpayers.

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