- Many SMEs are concerned about system compatibility with the Fiji Revenue Customs Services database.
- Chandu Lodhia raised this issue at a conference with the Fiji Revenue and Customs CEO.
- Lodhia mentioned challenges in implementing the Vat Monitoring System.
- Businesses have incurred high costs changing software due to these challenges.
- CEO Udit Singh acknowledged the existence of a large shadow economy.
- Efforts are being made to reduce the VMS threshold for better transparency and digitization.
- A low-cost point of sale system is being developed to assist small businesses.
- A free point of sale system is currently available for small businesses.
- FRCS plans to partner with external parties for cost-effective solutions.
- The rollout of VMS phase three aims to minimize impact on businesses.
Source: fijitimes.com.fj
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
