SUNBIZ

Successful Implementation Of VAT Monitoring System

The Fiji Revenue and Customs Service (FRCS) has made significant progress in the implementation of the VAT Monitoring System (VMS)/Electronic Fiscal Device (EFD) following another successful “live test” at the
20 Dec 2017 09:55
Successful Implementation Of VAT Monitoring System

The Fiji Revenue and Customs Service (FRCS) has made significant progress in the implementation of the VAT Monitoring System (VMS)/Electronic Fiscal Device (EFD) following another successful “live test” at the Carpenters Fiji Group Max Val-U Supermart at Lami last week.

Maui Bay Supermarket was the first taxpayer to pilot the EFD since November 19 this year.

The FRCS is confident that more “lives tests” will be conducted soon as other Point of Sale system (POS) suppliers are very close to testing the solution in a supermarket/pharmacy.

“The deadline to implement an EFD for those that fall under the first group of businesses is 31st December 2017.

“However, we continue to receive requests from affected taxpayers and POS suppliers to extend the deadline bearing in mind that this is a busy period for them,” FRCS chief executive officer Visvanath Das said.

“The objective of this system is not only to have efficient and reliable software to encourage voluntary compliance and at the same time collect the revenue due to the government.

But it will also play a broader role in alignment to the government roadmap for development of Fiji, greater financial inclusion initiatives as well as push towards a cashless economy, addressing the black money challenges.”

EFD is an electronic fiscal device system comprising of a Point of Sale system (POS) and Sales Data Controller (SDC) that is connected and produces fiscal invoices.

It includes a secure element that transmits the fiscal data to the FRCS system.

Once a sale is made, the POS sends the transaction data to the SDC.

The SDC includes a secure element that formats the data into a fiscal invoice, attaches a digital signature and transmits this back to the POS.

At this point, the receipt can be printed and verified by the customer.

Whilst this process is ongoing, the SDC is also sending fiscal data to the FRCS system.

Taxpayers and customers can log onto the system to verify the receipt information that is being captured.

The entire process is very quick and should not affect printing of receipts for customers. 

Feedback:  monica.aguilar@fijisun.com.fj

Fiji Sun Instagram
Fiji Plus
Subscribe-to-Newspaper
error: