IN an effort to promote voluntary compliance Fiji Revenue and Customs Services (FRCS) has launched a simplified but comprehensive guidebook on key aspects of Value Added Tax (VAT).
About 40 per cent of government revenue sourced from VAT, ensuring taxpayers are well equipped to do their part is among the organisation’s top priorities.
Speaking at the launch, FRCS acting CEO Malakai Ratu Naiyaga said, “Earlier this year, FRCS launched its compliance improvement strategy where taxpayer education and awareness was highlighted as a key tool for achieving voluntary compliance.”
“The VAT Guide has been designed to simplify the understanding and application of the VAT legislation, in particular for those who do not have much technical knowledge on VAT,” Mr Naiyaga said.
“For emerging businesses, sole traders, small and medium businesses, and for anyone who is planning to become a VAT-registered taxpayer, this guide contains the relevant information and is well supported through practical examples.”
The compilation of the VAT Guide was made possible with the technical assistance and support of the Asian Development Bank (ADB) and the Fiji Government.
Regional Director of ADB’s Pacific Subregional Office Aaron Batten said, “Meeting spending needs while keeping the Fijian economy on a stable and sustainable fiscal trajectory will be a challenge over the coming years.”
The FRCS VAT Guide is now available to all taxpayers and can be accessed on the FRCS website.
