The Fiji Revenue and Customs Service (FRCS) has confirmed that mobile money accounts such as M-PAiSA will be included in the list of assets that must be declared by businesses and individuals.
Speaking during the Standing Committee on Foreign Affairs and Defence’s review of the FRCS 2022–2023 Annual Report, FRCS Director Taxation Ms. Momina Beg said the move is part of efforts to improve transparency and ensure all financial holdings are properly accounted for.
“In respect to the declaration of assets, the particular date for business individuals will usually be 31st December,” Ms. Beg said.
“All assets need to be declared, and we are designing a form which will have specific criteria for the assets that need to be included.”
She highlighted that M-PAiSA accounts, like traditional bank accounts, will be treated as cash holdings.
“Especially in respect to cash at bank and M-PAiSA accounts — these are deemed as cash or money being held — so that also needs to be declared.”
Ms. Beg added that the new standardized asset declaration form is being developed to make the process clearer and easier for taxpayers while strengthening the integrity of Fiji’s tax system.
