The Fiji Revenue and Customs Service (FRCS) has drafted the VAT (value added tax) Bill with the primary objective to have it in a simplified language and text which allows for easier interpretation and application of provisions within the legislation and align to the current way of conducting business.
With this in mind, the FRCS is now seeking submissions on the draft VAT Bill through virtual public consultations and written correspondences.
According to the FRCS the new features of the draft VAT Bill are transactions within the digital economy and provision of remote services, supply of goods and services through electronic distribution platform, new rules on claiming of VAT inputs through creditable acquisitions, introduction of certain conditions for voluntary registration and new rules on supply of second hand goods to allow for deemed VAT input claims on acquisition of second hand goods.
It also added that the draft VAT Bill was available on https://bit.ly/vatbill7, and it looked forward to submissions from the general public on the proposed VAT Bill, adding that submissions can be emailed on vatrewrite@frcs.org.fj. Submission closes on 31st December 2021.
The FRCS had initiated the rewrite of the VAT law in 2018 with assistance from the International Monetary Fund (IMF).
Public consultations on the draft VAT Bill will be held today and tomorrow from 11am-12pm and 2.30pm-3.30pm.
Those interested in the consultations can join the discussions through these links: https://bit.ly/vatbill1, https://bit.ly/vatbill2, https://bit.ly/vatbill3 or https://bit.ly/vatbill4.
