FRCS clarifies e-wallet asset rules

The Fiji Revenue and Customs Service (FRCS) has issued a public notice clarifying asset declaration requirements for e-wallets and other digital cash platforms following recent discussions in Parliament.

The clarification comes after a Member of Parliament raised questions about M-PAiSA during a Standing Committee on Public Accounts session.

In a statement, FRCS confirmed that assets held under M-PAiSA must be declared in line with existing asset declaration rules.

However, the agency stressed that this requirement applies broadly to all forms of e-wallets and digital cash holdings, including MyCash, Sole, Vision Fintech, DuaPay, and similar platforms.

FRCS stated that all cash holdings, whether in e-wallets, bank accounts, or other financial instruments, are subject to declaration if they exceed the prescribed thresholds.

The mention of M-PAiSA was in response to a specific query and was not intended to single out any provider.

“The agency reaffirmed its commitment to fair and consistent application of tax and asset declaration laws across all financial platforms and urged individuals to comply with the rules to avoid penalties,” the FRCS statement read.

For more details on declaration thresholds and requirements, FRCS advised the public to visit www.frcs.org.fj, call the toll-free number 1326, or email info@frcs.org.fj