E-wallets cost Fiji up to $50 million in lost revenue

Suva [Fiji], February 21: The Fiji Revenue and Customs Service Chief Executive Udit Singh says Fiji could have lost an estimated $40 to $50 million in government revenue since businesses began using e-wallets for point-of-sale transactions.
Singh says many businesses using services like M-PAiSA, MyCash, and Sole have operated outside the tax system, limiting revenue collection and creating gaps in financial transparency.
He says that FRCS is now working closely with e-wallet providers to link Tax Identification Numbers to individual wallets.
He adds progress has been encouraging, with some providers reporting 70 to 80 percent of their customer base now linked.
"They've responded very well and we're very, very pleased about the initiative. Challenges remain, particularly in outlying islands where limited digital access slows the transition'.
Singh says FRCS is working with stakeholders on outreach programmes to ensure all businesses are registered and compliant.
He adds that the initiative will improve transparency and curb potential money laundering, with agencies like the Fiji Financial Intelligence Unit monitoring suspicious activity.
The CEO says linking TINs to e-wallets means we have better transparency and can ensure businesses contribute fairly to national revenue.
Source: Fijian Broadcasting Corporation