The Fiji Revenue and Customs Service (FRCS) has clarified that the requirement for asset declarations applies to all forms of e-wallets and digital cash holdings, rather than being restricted to certain platforms like M-PAiSA. This announcement follows discussions in the Standing Committee on Public Accounts, which highlighted the need for clarification regarding M-PAiSA’s obligations.
FRCS officials stressed the importance of this clarification to ensure that the asset declaration rule is consistently applicable across various digital and mobile payment services, including MyCash, Sole, Vision Fintech, and DuaPay. The reference to M-PAiSA during legislative discussions was simply in response to a specific inquiry, and the reporting requirements extend to all e-wallets.
Individuals are required to declare all cash holdings—whether stored in e-wallets, bank accounts, or other financial instruments—if they exceed the set thresholds. This initiative is designed to promote equity and transparency across the financial landscape in Fiji.
This move is part of Fiji’s broader commitment to enhancing transparency and accountability in its financial system. Previous measures have established that mobile money accounts should be treated as assets for tax reporting purposes. Additionally, regulations requiring Tax Identification Numbers (TINs) for registering mobile wallets and conducting transactions have been put in place to combat tax evasion and improve compliance.
As the use of digital financial services expands in Fiji, bolstered by advancements in financial technology, these measures provide a significant opportunity for increased accessibility and financial inclusion. They aim not only to strengthen the economy but also to instill confidence in the integrity of the financial systems in place.
With FRCS actively pursuing initiatives to enhance compliance and accountability, the emphasis on digital platforms indicates a positive direction for promoting fair economic practices and encouraging greater participation in the national economy. Through thoughtful regulatory reforms, Fiji is on track to cultivate a transparent financial environment, ultimately improving the quality of life for its citizens.