FIJI SIGNS MULTILATERAL CONVENTION ON MUTUAL...

At a signing ceremony held in Paris this week Fiji's Minister for Finance, Commerce and Business Development, Hon. Esrom Immanuel, signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAAC).

The signing of the MACC underscores Fiji's strong commitment to tax transparency and effective international cooperation.

With this milestone achievement, Fiji becomes the 152nd jurisdiction to join the MAAC.

The MAAC is the world's most comprehensive multilateral instrument for tax cooperation.

It enables jurisdictions to exchange information on request, spontaneously and automatically, as well as to conduct simultaneous tax examinations and assist in tax recovery.

Speaking at the signing ceremony, Minister Immanuel said, "This Convention is a landmark instrument that will bring significant benefits to Fiji, strengthening our cooperation with the international community and advancing our commitment to transparency and fairness".

"It is also a significant step towards Fiji's removal from the European Union list of non-cooperative jurisdictions (EU Blacklist), which will enhance our international standing and economic partnerships."

Following the signing of the MAAC, Fiji will undertake its required domestic procedures to formally become a Party to the MAAC.

Once Fiji becomes a party to the MAAC, it will provide a single legal instrument for the exchange of information with the other 151 jurisdictions, including all major financial centers.

Fiji has already committed to successfully implement the Automatic Exchange of Financial Account Information (AEOI).

This will be supported by legislative reforms and confidentiality assessments.

Fiji Revenue and Customs Service (FRCS) chief executive officer, Mr Udit Singh, added that joining the MAAC is a significant achievement for Fiji.

"It provides us with the legal foundation to implement AEOI and Exchange of Information on Request (EOIR) to effectively address tax evasion and avoidance," he said.

Fiji remains fully committed to international standards of tax transparency and to strengthening global cooperation.

Fiji is determined to contribute meaningfully to the work of the Global Forum and to the shared goal of a fair, transparent and cooperative international tax system.

Importantly, this milestone also represents a decisive step toward Fiji's removal from the EU Blacklist.

FRCS will continue to work closely with the Global Forum Secretariat and with other international partners to ensure the successful implementation of the required international standards, to improve compliance and to add more dollars to Fiji's tax revenue.