5 Major Developments in Fiji

5 Major Developments in Fiji

• Rabuka stresses the benefits of VAT hike

• Fiji Revenue and Customs Service begins VAT compliance campaign

• Apply Accurate VAT Rate – FCCC

• Council Raises Concerns about Unfair Pricing amidst VAT Increase

• Government expects over $1b revenue from VAT

Excise

• Fiji Proposes Increase to VAT Rate, Adjusts Custom and Excise Duty Rates on Various Items in Budget 2023-2024

Exemption

• VAT and Health

• VAT Exemption on Prescribed Medicines Clarified

• VAT not New to Fiji – Ratu Rakuita

Rate

• Rabuka stresses the benefits of VAT hike

• Fiji Revenue and Customs Service begins VAT compliance campaign

• Standard VAT rate increase from 9 to 15% as of August 1, 2023

• Traders cautioned to apply 15% VAT rate accurately to the price of their goods and services

• Apply Accurate VAT Rate – FCCC

• Council Raises Concerns about Unfair Pricing amidst VAT Increase

• Inspection efforts intensify ahead of VAT implementation

• 15 percent VAT effective tomorrow

• Rise in VAT to address ‘gaping debt hole’

• Change in VAT: FCCC Monitors Businesses to Ensure they Comply

• VAT not New to Fiji – Ratu Rakuita

• VAT rates will be replaced with a simplified twoVAT rate system

• Fiji Proposes Increase to VAT Rate, Adjusts Custom and Excise Duty Rates on Various Items in Budget 2023-2024

• Fiji raises VAT to 15% August 2023

• Naidu: Reducing VAT was a big mistake

Reporting / Compliance

• Government expects over $1b revenue from VAT

Tax Authorities / Penalties / Interest

• Inspection efforts intensify ahead of VAT implementation