The Fijian Government has introduced a number of initiatives to encourage Small and Medium Enterprises (SMEs) in Fiji. These incentives are to encourage growth of the SME Sector and to remove undue burden and red tape. SME’s have a range of concessions including stamp duty concession under the Stamp Act 1920, tax concession under the Income Tax Act 2015, and relation of taxable period under the VAT Act 1991. Considering that these incentives have been designed exclusively to boost SME sector, it is essential to ensure that SMEs take advantage from these incentives.
SME Support Centre
The Fiji Revenue and Customs Service (FRCS) has established a SME Support Centre at the FRCS Head Office in Nasese, Suva. This is a one-stop shop where all relevant information ae provided to ensue this important business segment is enabled to better understand their registration, filing and payment obligations as well as to assist SME to meet their reporting requirements.
Some of the advisory services available for SME’ includes
- Business registration
- Lodgement of Tax Returns
- VAT registration and filing
- Record Keeping
- Customs duty concession available for SME’s
- Tax and Customs Incentives
- New budget policies and its tax implications
- Registration and use of electronic Fiscal Device/VMS
- Processing of Tax Clearance applications for amounts below FJ $20,000