Tax Times Issue 6/2020

Payday and monthly summaries

February 15, 2020

This issue highlights on the matters relating to the validations and lodgement of Payday and Employee Monthly Summaries (EMS).

Pay Day filing

  • Pay Day filing is a new requirement which will be filed in Tax Portal Online Service (TPOS) based on the pay frequency of the pay cycles either monthly, fortnightly, bi-monthly or weekly.
  • Employers will be required to upload the Pay Day files in TPOS as soon as their employees have been paid out.
  • The specifications and format of Pay Day files are entirely different compared to the Employer Monthly Summary and the file formats and structures have been provided to Payroll Vendors.

Employers

  • The PAYE system in the Taxpayer Online System (TPOS) is still being rolled out. Therefore, employers do not need to update their current Payroll Software for the new changes relating to Payday and EMS reporting.
  • FRCS will inform the taxpayers in advance on the roll out dates which is expected to be around mid-2020.
  • In the meantime, employers should continue to lodge the EMS under the existing process (i.e. sending note pad EMS files (flat files) to PAYE Validators ([email protected]). This process of lodgement will continue until the TPOS PAYE module is launched.

Payroll Vendors

  • FRCS will organize TINS and test environment, where Vendors can upload and have their respective files validated.
  • Testing schedules will be forwarded to Vendors who have already requested for the validations. Upon successful validations of files (for those whose software have already been tested), Accreditation Certificates will be issued by FRCS.

 

Should you require our service on the above, then please contact us on [email protected] or [email protected] and we will attend to your request.

This is general information and not a substitute for full professional advice. Should you have any questions in relation to this newsletter please do not hesitate to contact, Sanjay Ram or Atnesh Prasad. Email: [email protected]; or [email protected]

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Digital registration reminder

Registration of business names, companies and foreign companies

February 8, 2020

This issue sets as a reminder to our clients who have not re-registered with the Registrar of Companies Office.

We emphasise that all business name holders, companies and foreign companies registered with the Registrar of Companies office prior to 14th June 2019, must re-register themselves digitally.

Timeframe for registration

  • All companies including foreign companies must be re-registered by 15th July 2020
  • All Business names must be re-registered by 15th October 2020

Business Names – Additional obligation

  • In the past, business names were only required to be registered once.
  • However, now business names will have expiry dates and will need to be renewed.
  • Business names registered after 14th June 2019, are deemed to be registered for 1 year.

Fees

  • This one time digital registration is free of charge.
  • However, once re-registered, annual renewal fees will apply at discretion of Registrar of Companies office.
  • Clients can opt to do the digital registration themselves by visiting Digital Fiji website – https://www.digital.gov.fj

Non-Compliance

  • Companies that fail to re-register within the given timeframe will be deemed automatically “de-registered” with their assets and liabilities becoming the property of the Registrar of Companies.
  • Once “de-registered” company representatives will need to contact Registrar of Companies office for a solution.
  • If a business name is not re-registered then any person continuing to trade under the name may be in breach of section 43 of the Companies Act.
  • Provisions are in place for deregistered companies and businesses to re-register however the initial deregistration will have legal/financial implications on clients banking facilities with their respective banks.
  • Companies and business name holders need to re-register and forward updated certification to their respective banks prior to the deadlines in place.

Our Services

  • Our firm can assist you with the re-registration phase at an agreed fee which we can discuss on.

 

 

Should you require our service on the above, then please contact us on [email protected] or [email protected] and we will attend to your request.

This is general information and not a substitute for full professional advice. Should you have any questions in relation to this newsletter please do not hesitate to contact, Sanjay Ram or Sonia Singh. Email: [email protected]; or [email protected] 

Get in touch

Whatever your question our friendly Fiji team will point you in the right direction

Start the conversation
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