What is deregistration?
It is a process whereby a taxpayer requests FRCS to deregister a TIN, business/trading name and or tax type.
What are the reasons for deregistration?
Change in Circumstances for Taxpayer
- Death of an individual taxpayer.
- Taxpayer has migrated and ceases to derive any taxable income.
- Change in legal entity structure including dissolution of a partnership, closure of
a trust or an estate after distribution. - Sale & transfer of a business to a new owner.
- A business ceases operations permanently.
- Gross sales of the VAT registered taxpayer is below the VAT threshold of
$100,000. - Taxpayer ceases to be an employer or contractual (EPT) payer.
- Employer ceases to provide fringe benefits (non-cash benefits) to its
employees
What should a business do before deregistration?
File and Pay: A business must file all returns and pay all taxes due for every active tax type registered, including Income Tax, VAT, PAYE, FBT, and PT etc.
Provide Relevant Documents:
- Obtain a Cessation Certification for businesses registered with Registrar of Companies.
- For unregistered businesses, a Statutory Declaration is required to confirm that the taxpayer has ceased to derive an income.
Submit a Request: Businesses must submit a request on TPOS to deregister and upload the required documents.
Why does deregistration matter for tax purposes?
- Ensures your business records are updated
- Save administrative cost when the business ceases
- Formally concludes filing and payment obligations
For more information, please call us on toll-free number 1326 or 324300 or email: managetaxreturns@frcs.org.fj
Last Updated - 3 weeks ago