VAT monitoring system detects fraud
21 September, 2018, 6:00 am
THE Fiji Revenue and Customs Service (FRCS) says the implementation of its VAT Monitoring System (VMS) has assisted two business taxpayers detect fraud in their business.
The value detected was said to be around $10,000 to $15,000.
In a statement, FRCS chief executive officer Visvanath Das revealed this during the CEO’s Forum on Tuesday at the FRCS complex in Nasese.
“Last week, we received feedback from two groups of taxpayers saying that implementing the system in their business enabled them to detect fraud since everything is fiscalised and goes through point of sales systems,” he stated.
Mr Das said the compliance level for the implementation of the system had increased.
“VMS Phase 1 compliance rate has increased to 60 percent for supermarkets and pharmacies and the Phase 2 for accountants, lawyers, medical practitioners and hardware businesses, we see a better compliance rate of about 80 per cent. Others are to voluntary comply by October 31, 2018 that is by next month, after which fines and
penalties will be instituted,” he said.
“Under the VAT Monitoring System, Phase 1 and 2 industries need to issue proper fiscal invoices and customer can report business who do not do so to us.”