The Fiji Revenue and Customs Service (FRCS) has clarified that the asset declaration requirements extend to all forms of e-wallets and digital cash holdings, not exclusively to one specific platform. This announcement follows inquiries from the Standing Committee on Public Accounts regarding M-PAiSA, a key mobile money service in Fiji.
FRCS stated that it is vital for the public to understand that the rule applies universally across all digital and mobile money services. In a statement issued by the agency, they explained, “Our response in Parliament referred to M-PAiSA because that was the specific question asked. However, the same requirement applies to all e-wallets and digital cash holdings, including MyCash, Sole, Vision Fintech, DuaPay, and any other similar platforms.”
Under the existing FRCS asset declaration rules, all cash holdings—regardless of whether they are in e-wallets, bank accounts, or other financial instruments—must be declared if they exceed the prescribed thresholds. The FRCS emphasized that this measure is about ensuring consistency and fairness across all financial platforms, rather than singling out any one provider.
This clarification aligns with broader efforts by the Fijian government to increase transparency and accountability within its financial systems. Recent regulations have made mobile money accounts equivalent to traditional cash holdings for reporting purposes, underscoring ongoing initiatives to combat tax evasion. Moreover, the mandate for Tax Identification Numbers (TINs) when registering for mobile wallets and conducting transactions reflects the government’s aim to create a more regulated financial environment.
As the use of e-wallets continues to surge in Fiji, spurred by advancements in financial technology and regulatory frameworks, the government is looking to enhance economic participation and promote financial inclusion. Such efforts contribute positively to the nation’s economic landscape, making strides towards a more transparent financial system where all citizens can actively participate in the economy. Amidst these regulatory changes, the outlook remains hopeful as Fiji navigates its path towards greater financial integrity and inclusion, significantly empowering its citizens.
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