SUNBIZ

VAT Monitoring System Launch Today

The Fiji Revenue and Customs  Authority is  working closely with key stakeholders to ensure the implementation of the VAT Monitoring System (VMS) is effectively carried out. According to a statement
14 Jun 2017 11:04
VAT Monitoring  System Launch Today
Fiji Revenue and Customs Authority Chief Executive Officer Visvanath Das.

The Fiji Revenue and Customs  Authority is  working closely with key stakeholders to ensure the implementation of the VAT Monitoring System (VMS) is effectively carried out.

According to a statement by FRCA, the objective of the VAT monitoring system is to have efficient and reliable software  to  encourage   voluntary   tax  compliance   and  at  the  same  time collect  the  much  needed  revenue  for  the  government which  is currently being evaded.

The VMS software which will be linked to the company’s cash registers will provide real time data to FRCA on total company sales and the amount of VAT collected.

Today, the Acting Prime Minister, Attorney-General and Minister for Economy  Aiyaz Sayed-Khaiyum will be launching the VAT Monitoring system.

The roll out is expected to commence with supermarkets first followed by other businesses.

The VAT software and device will be connected to cash registers and will transmit real time data back to FRCA as soon as someone purchases an item at a supermarket.

It was also stated that the black economy is costing the government $716 million dollars in tax dollars. This initiative is in line with Government’s objective of implementing efficient and reliable systems to stop tax evasion.

“Our aim is to create a level playing field for all Fijians.  There are  some very compliant  taxpayers  who always  pay their fair share  of taxes on time and it is unfair on them if we let go of those who evade taxes and do not file in their returns on time nor pay taxes on time,” said FRCA Chief Executive Officer Visvanath Das.

 

Vat Monitoring System:

Provide market balance

Provide equal business opportunities for every entrepreneur

Establish processes for monitoring and reporting the VAT position

Monitor VAT balances and fluctuations or variances

 

Feedback:selita.bolanavanua@fijisun.com.fj

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