The Fiji Revenue and Customs Service (FRCS) has announced a postponement of the new Asset Declaration Framework, which was originally introduced in the 2025 National Budget. This decision allows for additional consultation and refinement of the framework before its implementation.
In an official statement, FRCS explained that they are prioritizing discussions with external stakeholders and relevant parties to ensure the framework is comprehensive and effective once it is put into action. The agency emphasized that this delay pertains only to the new Asset Declaration Framework, and it will not affect existing tax obligations.
“FRCS will continue to liaise… to undertake further consultation,” the statement read, underscoring the commitment to creating a system that enhances economic stability and transparency.
The postponement means that statutory obligations, such as filing income taxes, remain unchanged. All income tax returns for 2025 are still due by March 31, 2026.
The Asset Declaration Framework was envisioned as part of a broader reform to establish a mandatory declaration regime for all registered sole traders. Starting with the 2025 tax year, these traders would have been required to submit an annual declaration detailing their assets and liabilities alongside their income tax returns. This declaration would encompass movable and immovable property, loans, financial obligations, and all income sources. The proposed regime is aimed at promoting transparency, combating tax evasion, and reinforcing economic integrity within the region.
While the delay may be viewed as a setback, it presents an opportunity for the FRCS to refine the framework thoroughly, ensuring it serves its intended purpose effectively in the long run.
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