Company makes voluntary disclosure of more than $500,000
The Fiji Revenue & Customs Service (FRCS) has commended Aquaheat South Pacific Limited for voluntarily disclosing and notifying the tax office of more than $525,506 in taxes which they overlooked for the period between April 2016 to March 2019.
Aquaheat South Pacific Limited in December last year made a voluntary disclosure in respect of payments of withholding taxes amounting to $350,0951.16 and VAT reverse charge of $175,411.78 on management fees and interest expense.
“In today’s environment, corporate responsibility is a business imperative. As corporate citizenship professionals, we create both business and social value in countless ways, from establishing innovative community involvement partnerships to engaging with stakeholders to assess environmental, social, and governance impacts and opportunities. This paves the way for corporates and businesses to engage in meaningful ways with FRCS and treat them as partners rather than adversaries”, Aquaheat’s General Manager South Pacific Mr. Anusheel Chandra said.
“The values of our business continually seeks to enhance systems, processes and standards with an awareness of the impact the business has on environment, economy and society we operate in, which leads to acting with honesty and integrity in everything that we do. We build relationship based on trust and honesty, support openness of communication and transparency and creating an inclusive and diverse workplace”.
“With respect to the transaction, as soon as we established that money was owed, we made a voluntary disclosure to FRCS and the business acted on it immediately”, Mr. Chandra stressed.
“Aquaheat South Pacific Limited was also presented the FICAC Integrity Pledge in 2019. All our staff from Management level to those on the ground attended sessions with FICAC and I would like to thank my team for upholding integrity, strong values and principles”, the GM added.
Revenue and Customs Chief Executive Officer Mr. Visvanath Das commended the management of Aquaheat South Pacific Limited for the voluntary disclosure.
” This is the kind of gesture and honesty that FRCS would want to build relationship on, with the tax citizens of Fiji. This is the beginning of a new relationship that we want to build on to be the model Corporate Taxpayer and Tax Office partnership, in our journey to modernization of the Fijian Tax Office. The Service looks forward to this new relationship and working in partnership, for the betterment of all.
“With a strong emphasis on voluntary compliance this year, Revenue and Customs is calling on taxpayers to be compliant with their obligations. Given the low tax rates, and business opportunities, if taxpayers continue to beat the tax system by being non-compliant, they will have to face the full brunt of the law”.
Mr. Das reiterated the importance of the public seeking assistance from Revenue and Customs if they are unsure of their tax obligations. We want to further enhance tax transparency and voluntary compliance thus creating a level playing field for all taxpayers.
“We are here to serve the public and Revenue & Customs is encouraging taxpayers who may be unsure of their tax status or obligations, to call or visit our nearest office or alternatively visit our website www.frcs.org.fj for more information.”
“We are actively engaging and providing information to individuals, businesses and sectoral agencies as we focus our efforts on encouraging and supporting voluntary compliance in Fiji,” Mr. Das said