The Fiji Revenue and Customs Service has withdrawn the mandatory declaration of assets that was applicable for all commercial taxpayers.
Through a notice, the Revenue and Customs Service says it has withdrawn this pending further consultations with all stakeholders.
When contacted by Fijivillage CEO Visvanath Das says they will need to have wider consultations on this issue.
According to the instructions on the Asset Declaration Form, taxpayers had to declare household assets if the value of assets individually or collectively is more than $15,000.
The taxpayers were also required to provide details of bank and other financial institutions in Fiji and abroad and also life insurance policy details in Fiji and abroad.
Another section of the Declaration Form requires taxpayers to provide the type of liability like loans, credit cards, creditors and debts.
Also, if the taxpayer would have knowingly provided false, misleading or incomplete information, he or she would have committed an offence and would have been liable to a fine not exceeding $250,000.
It has not been revealed as to when consultations on this will begin.
ADVERTISEMENT
