FIJI has commenced active tax information sharing with New Zealand following its entry into the Global Forum, exposing the financial footprints of approximately 100 companies operating across both jurisdictions.
Fiji Revenue and Customs Service (FRCS) chief executive officer Udit Singh revealed the development during the Fiji New Zealand and New Zealand Fiji Business Councils’ Joint Conference in Nadi.
Mr Singh told delegates the integration was so thorough that his own name appeared on the inaugural data exchange list received from New Zealand authorities.
“Fiji has recently joined the Global Forum, which is 150 countries that are now sharing information,” Mr Singh said.
“And our first information sharing exercise was conducted with New Zealand recently. We received information from about 100 companies that are operating in New Zealand that have got Fiji passports or Fiji jurisdictions.
“I said to the minister when we received that information that this system really works, because my name was on that list.”
The global repository framework, operating under the Organisation for Economic Co-operation and Development (OECD), actively targets tax structures like trusts and look-through companies to expose beneficial ownership.
Mr Singh said that leading jurisdictions like New Zealand, Australia, and Singapore were moving rapidly to eliminate cross-border tax shields.
“Your beneficial ownerships are being exposed… Now you’re able to see through those with a lot of the information that’s been shared,” he said.
