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Aquaheat South Pacific Ltd voluntarily discloses over half a million dollars in taxes which were overlooked

Aquaheat South Pacific Ltd voluntarily discloses over half a million dollars in taxes which were overlooked

By Dhanjay Deo
Friday 10/01/2020

Aquaheat South Pacific Limited has voluntarily disclosed and notified the Fiji Revenue and Customs Service of more than $525,506 in taxes which they overlooked between April 2016 to March 2019.

Aquaheat South Pacific Limited made a voluntary disclosure in December last year in respect of payments of withholding taxes amounting to $350,0951.16 and VAT reverse charge of $175,411.78 on management fees and interest expense.

Aquaheat's General Manager South Pacific, Anusheel Chandra says   as soon as they established that money was owed, they made a voluntary disclosure to FRCS and the business acted on it immediately.

Aquaheat South Pacific Limited was also presented the FICAC Integrity Pledge in 2019. He says all their staff from Management level to those on the ground attended sessions with FICAC.

The CEO of Fiji Revenue and Customs Service, Visvanath Das says  this is the kind of gesture and honesty that FRCS would want to build relationship on, with the tax citizens of Fiji.

He says given the low tax rates, and business opportunities, if taxpayers continue to beat the tax system by being non-compliant, they will have to face the full brunt of the law.

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