Small Shops Face Increased Costs Due to New VAT System, Says MP Maharaj in Parliament

• Small shops will face more expenses due to new VAT requirements
• They need to install a VAT Monitoring System and file VAT returns
• Businesses with income over $50,000 must register for VAT and install VMS
• Installation costs for VMS range from $10,000 to $15,000
• These businesses often do not make enough profit to cover these costs
• The burden of doing business will increase for small shops
• Additional costs may arise from needing to hire someone to file VAT returns
• The opposition criticizes the lack of foresight from the Minister of Finance

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.

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