National budget policy changes effective from tomorrow
31 July, 2018, 9:59 am
A NUMBER of revenue policies announced by Government in the 2018/2019 National Budget will be effective from tomorrow, marking the new financial year.
The Government fiscal year begins from August 1 and ends on July 31.
Fiji Revenue and Customs Service chief executive officer Visvanath Das recently issued a public notice notifying the national budget policy changes come Wednesday, August 1, 2018.
These policy changes will include:
- Taxpayer Identification Number (TIN) registration is compulsorya
- plastic bag levy will increase from $0.10 to $0.20 per plastic.
The Levy is applicable on all plastic bags with handles that are provided by the businesses for carrying or transportation of goods.
All businesses are required under section 6(1) of ECAL Act to charge a levy of 10 cents per plastic bag provided such businesses utilize a register which is a Point of Sale (POS) Invoicing Device into which a cashier enters data for a transaction.
The business must ensure that the ECAL on plastic bag is shown clearly and separately on the receipt.
- introduction of a threshold for application of Service Turnover Tax (STT) and Environment and Climate Adaptation Levy (ECAL) threshold of $1.25m which is currently levied for licensed restaurants, bars, clubs, bistros and coffee shops, will now be aligned to all other prescribed services for the application of STT and ECAL.
The 2018/2019 National Budget included some indirect tax measures which include STT that will now be charged only by licensed restaurants, bars, clubs, bistros and coffee shops who have a turnover or threshold of $1.25 million or above. ECAL will also now be charged only by licensed restaurants, bars, clubs, bistros and coffee shops who have a turnover or threshold of $1.25 million or above.
FRCS has urged the public to contact 324-3000 and email firstname.lastname@example.org for more information or queries.