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FRCS Assists Thousands of MSMEs to Comply with their Tax Obligations

The Fiji Revenue and Customs Service (FRCS) is pleased to share that we have trained almost 3000 representatives from a diverse group of Micro, Small and Medium Enterprises (MSMEs) on tax and customs processes and financial literacy to assist them with ease of doing business and improve voluntary compliance.
FRCS is also excited to reveal that 75% of those trained have complied and lodged their tax returns with FRCS.
 
FRCS Chief Executive Officer, Mr. Udit Singh stated that MSMEs played a significant role in Fiji’s economy by contributing towards creating jobs, income generation and poverty alleviation.
 
“Recognising the immense contribution made by the MSMEs towards Fiji’s economic growth and development, FRCS has embarked on a dedicated financial literacy and tax education training program to assist MSMEs to become tax compliant,” Mr Singh said.
 
“The provision of tax training to MSMEs is critical as we realise that a lack of understanding of the tax system can contribute to non-compliance. Training can help MSMEs understand the importance of paying taxes, risks of not paying taxes and how to calculate taxes etc.”
 
There are approximately 116,800 MSMEs registered with FRCS, contributing almost FJD 59 million in taxes annually. FRCS has a dedicated Support Centre for MSMEs to assist them with their tax obligations through free advisory services, mentoring, training and support. According to Mr Singh, it is important to recognise that while the MSMEs may be running their businesses on a small scale now, they hold immense potential as our future taxpayers.
 
“As they embark on their entrepreneurial journey, FRCS will provide MSMEs with the necessary guidance and support to ensure their success,” Mr Singh said.
FRCS also plans to introduce training on bookkeeping as it has been seen that another determinant of tax compliance is the absence of financial reports. MSMEs either do not keep records or books of their business results or the financial reports are mixed with personal finances. Incorrect financial records lead to inaccuracies in tax calculation and payment.
 
Mr. Singh encouraged more MSMEs to take advantage of the free services and assistance provided by the FRCS. He also commended all the entrepreneurs and industrious individuals who are the backbone of the MSMEs and are making significant contributions to the Fijian economy.

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