The Chief Executive of the Fiji Revenue and Customs Service (FRCS), Udit Singh, has revealed a concerning estimate that Fiji may have lost between $40 to $50 million in government revenue due to the increasing use of e-wallets for point-of-sale transactions. Singh highlighted that many businesses utilizing digital payment services such as M-PAiSA, MyCash, and Sole have been operating outside the existing tax framework, which has hindered revenue collection efforts and created significant gaps in financial transparency.
In response to this challenge, the FRCS is actively collaborating with e-wallet providers to integrate Tax Identification Numbers (TINs) into individual wallets. Singh noted that progress has been promising, with some e-wallet providers indicating that 70 to 80 percent of their customer base is now linked to TINs.
“The response from these providers has been very encouraging, and we are pleased with the initiative,” Singh stated. “However, challenges remain, especially in more remote islands where limited digital access slows down the transition.”
FRCS is also engaging with various stakeholders on outreach programs aimed at ensuring that all businesses are registered and compliant with tax regulations. This initiative is expected to foster greater transparency in financial activities and help curb potential money laundering, with monitoring efforts being supported by agencies like the Fiji Financial Intelligence Unit to detect any suspicious activities.
By linking TINs to e-wallets, Singh emphasized that the FRCS can enhance financial transparency and ensure that businesses contribute their fair share to national revenue, paving the way for a more equitable and accountable economic environment in Fiji.
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