Businesses in the Northern Division’s main towns contributed a remarkable $57 million in tax revenue from 2022 to 2024, as reported by the Fiji Revenue and Customs Service (FRCS).
Recently, FRCS expanded its outreach by organizing forums in Vanua Levu, particularly in Labasa and Savusavu. These forums aimed to foster better collaboration between the agency and local businesses as well as the community.
Udit Singh, the CEO of FRCS, highlighted the positive economic growth in the region, pointing out that there are currently 97,626 registered taxpayers and 13,824 registered businesses in these towns. The business landscape includes a diverse range of entities, such as 8,037 sole traders, 790 companies, 292 partnerships, and 155 cooperatives, all of which played a role in generating the impressive tax revenue.
Singh also noted that the Fijian Government’s Look North policy has been instrumental in promoting ongoing development in the Northern Division, leading to significant economic activity over the years. Vanua Levu, which encompasses Taveuni, Rabi, and Kioa, is recognized as a tax-free region by the government, incentivizing businesses with up to 13 years of tax-free holidays based on their capital investments.
The awareness forums brought together tax and customs agents, members of the Labasa Chamber of Commerce, and representatives from cooperatives in Savusavu. Topics discussed included tax compliance, upcoming revenue policies in the 2024/2025 National Budget, available tax incentives, and the re-implementation of the VAT Monitoring System (VMS) scheduled for August 1, 2024.
As part of its Strategic Plan for 2023/2025, FRCS is committed to becoming a more customer-focused organization. Mr. Singh emphasized the significance of building trusted partnerships with businesses by addressing their concerns and supporting their growth, as their success is pivotal for enhancing Fiji’s overall revenue and economic development.
This collaborative approach underlines a hopeful future as local businesses thrive, ultimately contributing to the economic prosperity of the Northern Division and Fiji as a whole.
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