SUNBIZ

$2.3M Tax Assessment For A West Company Director: Das

A company director from the West has been slapped with an audit assessment of $2.3 million payable to Fiji Revenue and Customs Authority (FRCA). This was confirmed by FRCA chief
21 Jan 2017 11:00
$2.3M Tax Assessment For A West Company Director: Das

A company director from the West has been slapped with an audit assessment of $2.3 million payable to Fiji Revenue and Customs Authority (FRCA).

This was confirmed by FRCA chief executive Visvanath Das.

The company director omitted his income and benefits to authority by $4.8 million.

The $2.3 million assessment is inclusive of 75 per cent audit penalty.

Mr Das said he cannot reveal the name of the director due to confidentiality reasons.

He said this is happening probably due to the economic boom in the West.

“The issue was brought to our attention by a concerned citizen who will be rewarded $100,000 under the FRCA’s whistleblower Policy for providing such information leading to the successful recovery of the tax dollars,” Mr Das said.

“Omitting income or understanding sales figures are infringements that will attract hefty penalties of up to 75 per cent.

“In this case, the director was not declaring his consultancy fees as well as the Fringe Benefit Tax.

“Despite, numerous reminders and warnings people still try to evade tax and customs duties. There are severe consequences in terms of heavy penalties and fines for offenders.

Mr Das said non-compliant taxpayers will face the full brunt of the law.

“We are thankful to the concerned citizen who through our Whistleblower Policy tipped FRCA of the company director.

“The Whistleblower Policy is intended to encourage members of the Public to disclose and report any serious concerns and wrong doings.”

FRCA is delighted to see that the general public is coming forward to report such concern that ultimately leads to recovery of huge amount of tax and customs duties evaded by businesses.

The Authority reiterates that a whistleblower who provides information or documents to the authority contributing significantly to the success of the investigation and prosecution by the Authority shall be entitled to up to 10 per cent of the tax revenue recovered.

“Our taxpayers play a crucial role in effective tax administration by reporting any non-compliant practices by businesses.

“We urge you all to report immediately any incident of tax or customs duty evasion.”

You can send details with documentary evidence to ceo@frca.org.fj

farzana.nisha@fijisun.com.fj

 

 

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