The Fiji Revenue and Customs Service (FRCS) has issued an important clarification stating that asset declaration requirements extend to all forms of e-wallets and digital cash holdings, rather than being limited to specific platforms such as M-PAiSA. This announcement comes in light of recent discussions by the Standing Committee on Public Accounts, where a question regarding M-PAiSA’s obligations was raised.
FRCS officials emphasized the need for this clarification to reinforce the understanding that the asset declaration rule is universally applicable across various digital and mobile money services, including platforms like MyCash, Sole, Vision Fintech, and DuaPay. In their statement, FRCS explained that their reference to M-PAiSA during legislative discussions was merely a response to the specific question asked, and that the same reporting requirements are mandated for all e-wallets.
According to FRCS, individuals must declare all cash holdings—regardless of whether they are stored in e-wallets, bank accounts, or other financial instruments—if these exceed the prescribed thresholds. This initiative aims to ensure consistency and fairness across all financial platforms within the country.
This move aligns with Fiji’s broader efforts to enhance transparency and accountability in its financial system. Previous measures have already mandated that mobile money accounts be considered as assets for tax reporting purposes. In addition, regulations requiring Tax Identification Numbers (TINs) when registering for mobile wallets and conducting transactions have been introduced to combat tax evasion and boost overall compliance.
With growing usage of digital financial services in Fiji, supported by advancements in financial technology, these measures present a significant opportunity for increased accessibility and financial inclusion. They aim not only to strengthen the economy but also to reassure citizens about the integrity of the financial systems in place.
As FRCS continues its initiatives to improve compliance and accountability, the focus on digital platforms reflects a hopeful trajectory for promoting fair economic practices and greater participation in the national economy. With thoughtful regulatory adjustments, Fiji is poised to foster a transparent financial environment, ultimately enhancing the quality of life for its citizens.