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No extension for EFD/ VMS implementation for now – FRCS

19th February, 2018

There will be no extension of timelines for the VAT Monitoring System (VMS) implementation by Supermarkets and pharmacies.
 
Fiji Revenue and Customs (FRCS) Chief Executive Officer, Mr. Visvanath Das advised this to supermarkets and pharmacies present at the VMS Awareness Forum held in Suva this week.
 
The extended time given for supermarkets and pharmacies to install and operate VMS device is 28th February, 2018. Phase 2 of the rollout for VMS has also been gazetted. Medical centres, travel agencies, accounting firms, law firms and hardware companies (wholesale and retail) are required to install, implement and operate VMS on or before June 30, 2018.
 
“There’s no turning back, businesses will have to comply. The implementation of this project is to create greater transparency, level the playing field and encourage
good governance,” emphasized Mr. Das
 
“The world over, in order to increase tax revenue, the tendency is to increase tax rates. However, the Fijian government has lowered tax rates, by reducing the VAT rate from 15 percent to 9 percent and income tax rates to 20 percent”.
 
“In fact, our current revenue status despite these tax reductions, our revenue has grown by 14 percent. Truly the Government policies for economic growth is working and tax being a portion of that growth, the revenue numbers confirm that,” said Mr. Das.
 
Revenue and Customs in collaboration with VMS vendors, POS providers and consultants will continue to work closely with supermarkets and pharmacies
through the accreditation process to ensure all comply by end of this month.
 
For further information or queries on VMS, you can
email EFDCompliance@frcs.org.fj or visit the FRCS website: www.frcs.org.fj.
 
END
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