The Reserve Bank of Fiji has revealed that a total of $1.4 billion in export receipts is yet to be reconciled by 260 companies based in Fiji.
Senior advisor to the RBF Governor's Office, Inia Naiyaga said the outstanding un-reconciled receipts have accumulated since 2004.
RBF Governor Sada Reddy clarified that the outstanding amount is within the Fiji economy but not reconciled.
Due to this, the Reserve Bank of Fiji, the Fiji Intelligence Unit and Fiji Islands Revenue Customs Authority today signed a Memorandum of Agreement to strengthen collaboration in the sharing of information that will assist in detecting and investigating discrepancies.
This is relating to transfer pricing, false documentation, retention of export proceeds overseas and tax and custom matters.
The RBF has also issued an amnesty period for exporters who have yet to fully reconcile their outstanding exports receipts with the RBF.
Exporters are required to return all proceeds from their exports to Fiji within six months of the date of shipment this is under the Exchange Control Act, which is administered by the RBF.
The Amnesty comes into effect immediately and ends on 30th October, 2010.
$1.4 billion yet to be reconciled
Related Stories
COMPOL urges Lagalaga Sanatan students to value discipline and education
Students of Lagalaga Sanatan Primary School in Labasa have been reminded of the importance of education, discipline and obedience by the Commissioner of Police Rusiate Tudravu. Tudravu spoke to the students during
Heavy Rain Alert remains for Viti Levu, Southern Bua, Cakaudrove, Lau and Lomaiviti Groups
A Heavy Rain Alert remains in force for the Eastern half of Viti Levu from Serua, Namosi through Navua, Suva, Nausori, Tailevu, Naitasiri, Ra, Southern Bua, Cakaudrove, Taveuni, Kadavu, Lau and Lomaiviti Groups and near
Warning letter written to Prof. Narsey – Acting AG
Acting Attorney General Siromi Turaga says a strong warning letter has been written to Electoral Reform Commissioner Professor Wadan Narsey after he came out publicly with the Electoral Reform Commission report recommen
3 Fijian men from KVT gang in Sydney denied bail for AUD$12.5M drugs case
Three Fijians who are alleged to be associated with a gang supplying drugs in Sydney have been refused bail by the court. 28-year-old Eparama Nevale, 28-year-old William Ravoka, and 24-year-old George Sukanaivalu,
Proposed ‘People First’ submits application for registration
The Proposed ‘People First’ has submitted its application for registration to the Registrar of Political Parties, Ana Mataiciwa. Mataiciwa confirms that the FEO is now preparing to publish the party’s applica
Visitor arrivals on track for record year while sugar output drops
Visitor arrivals have recovered following a decline in the first quarter and based on current trends, Fiji is on track to achieve a third consecutive year of record visitor arrivals in 2025. While speaking on the p