8 November, 2019, 8:43 am
THE tax collection authority has so far registered 3947 taxpayers for its VAT monitoring system with more than $12 million fiscal invoices recorded.
Fiji Revenue and Customs Service chief executive officer Visvanath Das said with the new system in place, they had already recorded $3.2 billion of transactions by the businesses.
With voluntary compliance being the top most priority for FRCS, Mr Das yesterday launched its 2019-2021 Compliance Improvement Strategy at their headquarters in Nasese, Suva.
The Compliance Improvement Strategy (CIS) follows from a previous successful 2016-2017 initiative through which FRCS collected a considerable amount in new revenues.
Mr Das said much of the success was achieved through measures designed to improve voluntary compliance, both by delivering new services and targeting key risks with enforcement measures.
He said over the past 22 months they had heavily invested in the new online system for taxpayers with the aim to improve compliance.
“Voluntary compliance is about empowering our customers and providing them guidance for self-assessment and voluntary compliance,” he said.
According to Mr Das, given the registered population of taxpayers in the net and the filing rates, the compliance rate is slightly above 50 per cent and again the way forward under the CIS is not that every non-compliant taxpayer needs to be investigated.
He said there was a section of taxpayers who needed assistance for compliance and the CIS was about creating the assistance to enable people to comply.
Meanwhile according to the CIS FRCS has increased its overall revenue collection over the past years.
Mr Das said this is the direct result of voluntary compliance initiatives introduced by FRCS including the Whistleblower program, internal reforms, stakeholder engagement, legislative changes, taxpayer education and increased public awareness.