SUNBIZ

$1.3 Billion Sales Captured Through Electronic Fiscal Device

The compliance level for phase 1 (Supermarkets and Pharmacies) and phase 2 (Law firms, Medical Centres, Travel agencies, Accounting firms, hardware companies) still remains a challenge for us.
26 Mar 2019 13:28
$1.3 Billion Sales Captured Through Electronic Fiscal Device

Subsequent to the implementation of the Electronic Fiscal Device (EFD) Regulation in 2017, the Revenue and Customs has 52.3 million fiscalised receipts in its database with an estimated sales record of $1.3 billion dollars.

The Revenue and Customs has also recorded $100 million dollars in gross VAT and $3.5 million in Plastic Bag Levy through the VAT Monitoring System (VMS) since its inception in December 2017.

“The compliance level for phase 1 (Supermarkets and Pharmacies) and phase 2 (Law firms, Medical Centres, Travel agencies, Accounting firms, hardware companies) still remains a challenge for us. The compliance level currently stands at 82 percent. We are still liaising and assisting businesses to fully comply with the EFD Regulation”, Chief Executive Officer Visvanath Das said.

“We have issued numerous infringement notices to companies so far, for not complying with the EFD regulation. Majority of these companies never made any attempts to install the VMS and did not even bother to contact FRCS for assistance.

“The objective of this system is not only to have efficient and reliable software to encourage voluntary compliance but at the same time collect the revenue due to the government. It also plays 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,” Mr. Das said.

“Customers shopping at those outlets which have been fiscalised, should receive the new fiscalised receipts which has a QR code allowing the receipt to be scanned and verified.

We urge customers to scan and verify their receipts using the FRCS Receipt Verificator app. You can download the app on your smartphone. It is free of charge and available on Google Play or Apple Store,” the CEO said.

Revenue and Customs is encouraging consumers to call our hotline on 1326 to report cases where they do not receive fiscalized receipts and provide the names of businesses as well as a copy of the receipts or invoices received. You can also email complaints and
receipts on EFDcompliance@frcs.org.fj



Five square Da Bang Sale


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.


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