NATION

FRCA Makes Submissions on United Nations Convention

The Fiji Revenue and Customs Authority says that the ratification of the United Nations Convention on Contracts for International Sale of Goods would strengthen compliance and trade facilitation. Director of
23 Feb 2017 11:10
FRCA Makes Submissions on United Nations Convention

The Fiji Revenue and Customs Authority says that the ratification of the United Nations Convention on Contracts for International Sale of Goods would strengthen compliance and trade facilitation.

Director of corporate services Fazrul Rahman said this during his submissions on the convention before the Parliament Standing Committee on Foreign Affairs and Defence yesterday.

Mr Rahman said the convention would improve transparency, transfer pricing, international tax planning and custom valuation.

“The convention will compliment Fiji’s electronic communication bill and overall the tax reform,” he said. 

“The convention will provide clear value of trade and compliments the General agreement on Tariff and trade valuation rules.”

However he said some of the challenges would be enforcement, related party transactions and trade services which were not covered by the convention.

When asked by Opposition Member of Parliament and committee member, Mosese Bulitavo on dispute arising between buyers and sellers, he said it would have to be dealt with by the two parties.

“There will be a certain amount of risk and claims that will eventually be sorted out by both parties,” he said.

FRCA has the power to collect tax to recover cost and the Authority supports the convention and its ratification.

FRCA was represented by Mr Khan, director compliance and investigation Shameem Khan and deputy director revenue management Muni Ratnam.



Five Square


Get updates from the Fiji Sun, handpicked and delivered to your inbox.


By entering your email address you're giving us permission to send you news and offers. You can opt-out at any time.


Covid 19 - SPC
Total
Subscribe-to-Newspaper
Fiji Sun Instagram
Subscribe-to-Newspaper