The Fiji Revenue and Customs Service (FRCS) Tax Crimes Taskforce is set to investigate “unexplained wealth” in Fiji’s economy.
FRCS, which held its first meeting with the taskforce yesterday, will take a holistic approach to identifying and addressing tax evasion and non-compliance.
According to Deputy Prime Minister and Finance Minister Professor Biman Prasad, the taskforce would focus on ensuring taxpayers adhere to tax laws and pay their fair share, while also identifying areas that may require new regulations.
He highlighted the importance of investigating cases where individuals, for instance, may own multiple properties without paying the corresponding taxes.
Prof Prasad said people with unexplained wealth must be held accountable.
“If somebody has ten houses and has not been paying the appropriate taxes, then they ought to explain where they got that and whether they paid the tax,” Prof Prasad said.
“And if they haven’t, then they ought to pay the tax.”
The taskforce, led by Nitin Gandhi, clarified that its approach would not be targeted at specific individuals, but instead focus on improving overall tax compliance in Fiji.
Mr Gandhi said the goal was to develop a framework that ensured taxes were properly collected, with a focus on preventing evasion.
He added any action taken would be based on solid evidence.
“Those claims like a hundred people are evading tax in the black market and underground economy. Well, show some evidence,” Mr Ghandi said.
“The taskforce will not conduct random investigations but would work collaboratively with relevant agencies to identify areas where taxes are being evaded or where there may be financial crimes.”
He said the focus would be on addressing suspicious transactions and understanding where regulatory loopholes exist, particularly in relation to proceeds of crime and unreported income.
