527 people in Fiji have assets worth more than $1million
The Fiji Revenue and Customs Service is interested in finding out how people in Fiji have amassed millions in wealth.
October 26, 2017 1:52 pm
FRCS CEO Visvanath Das at a media briefing in Suva today. (Photo by Newswire)
At a media briefing in Suva, FRCS Chief Executive Officer Visvanath Das said there were 527 individuals in Fiji identified as High Wealth Individuals.
Das said that 63% of HWIs owned businesses while 37% were employed on very high salaries. Individuals who have accumulated more than $1million in wealth are considered an HWI.
“Basically, we look at your assets, your bank balance, your vehicles, properties etc. to determine your wealth,” said Das.
The FRCS CEO said that some individuals structured their wealth through companies and trusts.
“People can also structure their wealth through companies. If you do structure it through companies, then it comes under corporate taxes, it doesn’t come under personal income taxes,” said Das, adding that some people may be structuring it through trusts and estates.
Das said they have agreements in place with town councils and other authorities that could be used to track property owners.
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