Taxation Business FAQ’s

Registration
Assessable Income
Allowable Deductions
Tax Payments
Returns Lodgement
VAT Supplies
VAT Exempt Supplies
Zero rated supplies
Service Turnover Tax
Employers
Fringe Benefits Tax
Social Responsibility Tax
Telecommunications Levy
Credit Card Levy
Third Party Insurance Levy

 

Zero rated supplies

I have a fishing business and I supply fish to a local fish processing company where they are further processed and exported overseas. Can I treat these supplies as zero-rated supplies?

You cannot zero-rate the supplies unless your company is registered as a tax free factory.

Under the VAT Decree, the company can only treat the sales as being zero-rated if it:

  • “Entered the goods for export pursuant to the Customs Act 1986 , in the course of, or as a condition of, making that supply and
  • Exported the goods within twenty-eight days of the time of supply.”

If the recipient company is the party that is exporting the supplies overseas then they are the ones that should be treating it as zero-rated supplies.
VAT Input Claims

What is the main requirement for claiming input VAT?

All input VAT claims should be supported by a tax invoice for any purchase exceeding FJ$10 and providing VAT input schedules when submitting VAT returns.

Can our company claim input VAT for the utilities bills of directors and senior employees?

You can claim the input VAT provided your company has paid fringe benefits tax on the value of all fringe benefits provided to the directors and senior employees.

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