The Fiji Revenue and Customs Service (FRCS) has outlined that all cash holdings, including those in e-wallets, bank accounts, and other financial instruments, must adhere to asset declaration requirements if they surpass certain thresholds established by the FRCS. This clarification came during a recent Standing Committee session where a Member of Parliament inquired specifically about M-PAISA, a popular mobile payment service in Fiji.
In response, the FRCS confirmed that assets held in M-PAISA are included under the asset declaration regulations, emphasizing that this directive applies to all e-wallets and digital cash holdings. This encompasses services like MyCash, Sole Vision Fintech, and DuaPay, as well as other mobile wallet platforms. The FRCS has made it clear that the mention of M-PAISA was not intended to single out any specific provider but to address compliance across all digital cash systems.
This initiative aligns with ongoing efforts to enhance financial transparency and integrity within Fiji. The FRCS is enforcing these measures to combat tax evasion and promote responsible financial management. By mandating asset declarations, the government aims to ensure that all citizens contribute their fair share to national development.
Furthermore, recent regulations also require individuals to provide a Tax Identification Number (TIN) when accessing mobile wallet services, reinforcing the need for transparent financial practices. Notably, this regulatory framework is a part of a larger strategy to integrate digital financial services into Fiji’s economy, fostering financial inclusion and accessibility.
As Fiji continues to modernize its financial systems, these developments showcase a commitment to creating a more accountable economic environment. This initiative is expected to contribute positively to the nation’s financial landscape and promote a culture of compliance among citizens and businesses alike, paving the way for a stable and prosperous future.