Those businesses whose annual gross turnover is over $100,000 and were not issuing receipts in the past are now providing fiscal receipts on the sale of all items which also shows the VAT component.
This has kicked in after the implementation of the VAT Monitoring System where the Fiji Revenue and Customs Service gets real time data on the sale of all items.
These traders are now also issuing receipts for items like kava that are usually sold in small brown bags and the receipt also captures the VAT component.
Many traders whose annual gross turnover is over $100,000 were not issuing receipts to customers on the sale of kava and other products in the past, and used to keep the income in a different till.
However, things have changed with the implementation of the VAT Monitoring System.
VAT registration is compulsory for businesses whose annual gross turnover is above $100,000 and all sales at their business outlet will be deemed VAT inclusive.
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