Fiji Revenue and Customs Services (FRCS) has adopted a cutting edge VAT Monitoring System (VMS) to help monitor tax compliance. What’s different between this system and other similar ones is that VMS combines traditional fiscal devices and e-invoicing resulting in unification of B2C, B2B, B2G transaction. Every customer (business or individual) receiving receipt or invoice is able to instantly verify digital signature to assure authenticity of the document and use FRCS services to utilize benefits, one of them being instant fiscal lottery to increase demand and encourage customers to ask for receipts.
There are many many benefits this system offers and the way it brings technology to service tax compliance. Fiscal device is not only a cash register or computerized point of sale system, but even a smartphone with the app designed to exchange receipt information between issuer (taxpayer) and VMS.
Contribution by Goran Todorov of Data Tech International
