Nearly 3000 representatives from various micro, small, and medium enterprises (MSMEs) have received training on tax and customs processes as well as financial literacy, aiming to ease business operations and enhance voluntary compliance.
This training initiative was led by the Fiji Revenue and Customs Service (FRCS).
“Recognizing the significant contributions of MSMEs to Fiji’s economic growth and development, FRCS has launched a financial literacy and tax education training program to help MSMEs become tax compliant,” stated FRCS chief executive officer Udit Singh.
He emphasized the importance of providing tax training to MSMEs, especially since a lack of understanding about the tax system could lead to non-compliance.
“Training can help MSMEs understand the importance of paying taxes, the risks of not paying taxes, and how to calculate taxes, among other things,” Singh added.
FRCS has established a dedicated support center for MSMEs, offering free advisory services, mentoring, training, and support to handle their tax obligations.
The FRCS also intends to introduce bookkeeping training, as the absence of financial records has been identified as a key factor in tax non-compliance.
“MSMEs either do not maintain records or business results are mixed with personal finances. Incorrect financial records result in inaccuracies in tax calculation and payment,” Singh explained.
Singh encouraged more MSMEs to utilize the free services and assistance provided by FRCS.