The Fiji Revenue and Customs Authority says there have been a few cases in Fiji where a large amount of cash has been used to purchase properties however the sources of these funds are unknown.
Acting FRCA CEO Visvanath Das says with an MOU signed this morning, FRCA will now request for all this information from the Real Estate Licensing Board.
The MOU to exchange vital tax information was signed between the FRCA and the Real Estate Licensing Board.
Das says under this MOU, FRCA will get access to information in relation to buying and selling of properties as well as the exact number of registered Real Estate agents in the country.
He says a number of properties are sold every month and this MOU will ensure that we get some real time data on these sales and whether it gets reflected in the tax collection for that particular month.
Das says in most countries the real estate sector has been branded as a sector used to facilitate tax fraud and money laundering.
This includes generating and investing unreported income.
FRCA also says that it is moving towards self‑assessment and voluntary compliance, putting the onus of compliance with the taxpayers, ensuring that the framework of the VAT legislation and Withholding Tax Provisions of Income Tax Act 2015 is strictly adhered to at all times.
Stay tuned for the latest news on our radio stations
