The Fiji Revenue and Customs Service (FRCS) has announced new asset declaration requirements that apply to all cash holdings, including those in e-wallets such as M-PAISA, bank accounts, and other financial instruments. This clarification was made during a recent session of the Standing Committee, where a Member of Parliament asked about the implications for mobile payment services in Fiji.
The FRCS confirmed that assets contained in M-PAISA and similar platforms—such as MyCash, Sole Vision Fintech, and DuaPay—must be included in the asset declaration process if they exceed specified thresholds. Importantly, the mention of M-PAISA was not meant to target that specific service; rather, it aims to ensure compliance across all digital cash systems.
This initiative is part of the FRCS’s ongoing commitment to enhancing financial transparency and integrity in Fiji. By enforcing these asset declaration requirements, the government is taking steps to fight tax evasion and encourage responsible financial management among its citizens. The goal is to ensure that everyone contributes fairly to the country’s development.
In line with these regulations, individuals will also need to provide a Tax Identification Number (TIN) when utilizing mobile wallet services. This requirement further underscores the importance of transparent financial practices. The introduction of such measures is part of a broader strategy to fully integrate digital financial services into Fiji’s economy, thereby fostering greater financial inclusion and accessibility.
As Fiji advances its financial systems, these measures reflect the nation’s dedication to building a more accountable economic environment. These developments are expected to have a positive impact on the country’s financial landscape, encouraging a culture of compliance among individuals and businesses alike, and paving the way for a stable and prosperous future.