FRCA fines company director $2.3M for omitting income and benefits

A Company Director has been slapped with a $2.3 million fine by Fiji Revenue and Customs Authority after he omitted his income and benefits to FRCA by $4.8 million.

The $2.3 million assessment is inclusive of 75% audit penalty.

FRCA’s Chief Executive Officer Visvanath Das says the issue was brought to their attention by a concerned citizen who will be rewarded $100,000 under the FRCA’s whistleblower Policy for providing such information leading to the successful recovery of the tax dollars.

He says omitting income or understating sales figures are infringements that will attract hefty penalties of up to 75%.

Das says in this case, the Director was not declaring his consultancy fees as well as the Fringe Benefit Tax.

He says despite numerous reminders and warnings people still try to evade tax and customs duties.

FRCA’s CEO says the Whistleblower Policy is intended to encourage members of the public to disclose and report any serious concerns and wrong doings.