FRCS to track true business owners

Fiji is taking steps to increase transparency surrounding company ownership through a proposed amendment to its Tax Bill. The government plans to establish a central register of beneficial owners, a move designed to shed light on who ultimately controls legal entities and arrangements within the country.

This initiative mandates that companies disclose information about the individuals who hold ultimate control, moving away from opaque corporate structures. The government asserts that this measure is crucial for Fiji to meet its international tax obligations and align with global standards for financial transparency.

The establishment of the register is seen as a significant move to strengthen Fiji's financial integrity framework. By tracking true business owners, the government aims to deter illicit financial activities and bolster confidence in the country's business environment.