MOU to Ex­change Vi­tal Tax In­for­ma­tion

Fiji Sun - - Nation - Feed­back: jy­otip@fi­

AMe­moran­dum of Un­der­stand­ing (MOU) to ex­change vi­tal tax in­for­ma­tion was signed be­tween the Fiji Rev­enue and Cus­toms Au­thor­ity and the Real Es­tate Li­cens­ing Board yes­ter­day. “Un­der this MOU, FRCA will get ac­cess to in­for­ma­tion in re­la­tion to buy­ing and sell­ing of properties as well as the ex­act num­ber of reg­is­tered Real Es­tate agent in the coun­try”, FRCA act­ing chief ex­ec­u­tive of­fi­cer Vis­vanath Das said. “A num­ber of properties are sold ev­ery month and this MOU will en­sure that we get some real time data on these sales and whether it gets re­flected in the tax col­lec­tion for that par­tic­u­lar month. “In most coun­tries the real es­tate sec­tor has been branded as a sec­tor used to fa­cil­i­tate tax fraud and money laun­der­ing. This in­cludes gen­er­at­ing and investing un­re­ported in­come,” Mr Das said “In Fiji there have been few cases where large amount of cash has been used to pur­chase properties. The sources of these funds are also un­known. With this MOU we will now re­quest for all these in­for­ma­tion from the Real Es­tate Li­cens­ing Board”. FRCA is mov­ing to­wards self-assess­ment and vol­un­tary com­pli­ance, putting the onus of Com­pli­ance with the Tax­pay­ers, en­sur­ing that the frame­work of the VAT leg­is­la­tion and With­hold­ing Tax Pro­vi­sions of In­come Tax Act 2015 is strictly ad­hered to at all times. “We are work­ing to­wards in­creas­ing busi­ness ef­fi­cien­cies through mod­erni­sa­tion of pro­cesses and as part of Govern­ment’s com­mit­ment to fa­cil­i­tate busi­nesses con­tinue to roll out ini­tia­tives to pro­vide sup­port to con­trib­u­tors to the Fi­jian econ­omy.

“This build­ing of trust and will­ing­ness for the Tax Of­fice to work in part­ner­ship with the busi­ness com­mu­nity and tax­pay­ers of Fiji, is a unique ap­proach to trusted trader ini­tia­tives in the big­ger economies, where lib­er­al­i­sa­tion of free trade agree­ments have been com­mit­ted by ju­ris­dic­tions,” Mr Das stressed.

FRCA act­ing chief ex­ec­u­tive of­fi­cer Vis­vanath Das (left) with a rep­re­se­ta­tive from Real Es­tate Li­cens­ing Board.

Newspapers in English

Newspapers from Fiji

© PressReader. All rights reserved.