THE mandatory asset declaration regime for registered sole traders has been deferred until January 1, 2027, Parliament was told yesterday.
Finance Minister Esrom Immanuel said the measure was delayed to allow the Fiji Revenue and Customs Service (FRCS) more time to develop and test the system.
A public notice issued in February informed taxpayers that implementation would be deferred to a subsequent filing period.
Mr Immanuel said two rounds of stakeholder consultations had been conducted following the Budget announcement, with feedback used to refine the framework and ensure the requirements were practical and proportionate.
The regime will require affected sole traders to declare specified assets through FRCS’s online tax system when filing their tax returns.
Mr Immanuel said the information would help FRCS strengthen tax compliance and transparency, particularly by identifying inconsistencies between declared income, business activities and asset positions that may require further review.
He said there would be no additional financial cost to sole traders, although they would have an additional compliance requirement during implementation.
FRCS plans to conduct a stakeholder awareness and education program in the final quarter of this year to ensure taxpayers understand the requirements before the regime takes effect.
