Fiji has been officially delisted from the European Union’s tax blacklist, a significant step taken six years after concerns over its compliance with international tax standards led to its inclusion on the list. The announcement was made by the Fiji Revenue and Customs Service (FRCS) and marks a pivotal moment for the nation’s international financial standing.
The Fijian government is optimistic about this development, viewing it as beneficial for the country’s free trade relations with EU member states under the recently implemented EU-Pacific Interim Economic Partnership Agreement. Minister of Finance Esrom Immanuel expressed that this delisting will boost confidence among foreign investors and enhance Fiji’s relationships with trading partners and development allies.
FRCS CEO Udit Singh commended the agency’s team for their extensive efforts in achieving this milestone, which required significant technical know-how and unwavering commitment. He affirmed that FRCS will continue its dedication to maintaining compliance with global standards while pursuing reforms aimed at improving tax revenue collection, transparency, and economic resilience.
Fiji’s journey to removal from the EU’s tax blacklist began formally in 2023, focusing on joining the Base Erosion and Profit Shifting (BEPS) inclusive framework and becoming a member of the Global Forum, an agency of the Organisation for Economic Co-operation and Development (OECD). The initial blacklisting occurred in March 2019 due to concerns about transparency, fair taxation, and adherence to BEPS minimum standards.
This positive development not only helps enhance Fiji’s international reputation but also strengthens its commitment to aligning with global financial standards, potentially leading to increased investment and economic growth for the island nation.
Leave a comment