Three more companies have been investigated under the Whistleblower Policy resulting in a tax collection of more than $1.9 million.
FRCA Chief Executive Officer, Visvanath Das says the Authority during its investigation determined that the three companies were from the Real Estate, Transport and Media industry.
Das says that it was identified that the respective companies were involved in tax planning to minimise its tax burden, falsifying VAT claims on its purchases and simultaneously under stating sales in addition to over stating purchases.
He says that they received relevant information from three whistleblowers and based on the due diligence process and whistleblower reward matrix, FRCA awarded more than $56,000 in total to the respective informants.
Das says the increasing amount of tip‑offs FRCA receives from citizens regarding tax evasion is a positive trend, however, they are concerned about the amount of fraudulent activities that are occurring behind the scenes.
He says the authority has been advising the public regarding hefty fines on infringements, yet business owners continue to cheat the system.
FRCA says the indirect result of evading tax is depriving the people of this country to a better standard of living.
A whistleblower that provides relevant information or documents to the Authority contributing significantly to the success of the investigation and prosecution by the Authority shall be entitled to up to 10 percent of the net revenue recovered as a monetary reward.
Credit: Vijay Narayan, 24 February, 2017fijivillage.com
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