SOLE traders or individuals who own multiple properties or vehicles will soon have to explain how they purchased their assets to the Fiji Revenue and Customs Services.
FRCS CEO Udit Singh said this would be done under the Asset Declaration policy that will be introduced in 2027.
“Every sole trader that owns assets will have to declare what their assets are,” he said.
“If they have five properties or 10 cars or real estate it will have to be declared.
“They might have gotten them through legitimate means and that is fine.
“But from a tax point of view we will be looking at that, and you will need to explain whether they paid taxes on it or how they got them.”
Mr Singh explained this was part of the agency’s efforts to strengthen revenue collection.
“We have estimated between $700million to a billion dollars (has been lost) to the shadow economy or the black economy.
“They are mostly those that underpay their VAT or do not pay their taxes or even PAYE.”
Mr Singh added recent seizures of illicit drugs and contrabands at Fiji’s borders indicated a high volume of tax evasion activities.
