Despite the size, small businesses play a very pivotal role in driving economic growth, creating employment and alleviating poverty says Fiji Revenue and Custom Service Chief Executive Udit Singh.

Singh highlighted this during the MSME celebration in Suva today.

Singh says MSME sector holds great potential to transform economies and promote equitable economic growth given adequate support.

He says while they make immense contributions, it is also important to acknowledge the challenges faced by the MSME sector.

Singh adds they have seen that the majority of the MSMEs want to be tax-compliant however, they lack awareness on the processes.

He says they also face a number of challenges, including misinterpretation of tax laws, and difficulty accessing tax incentives, and exemptions.

The FRCS CEO says through their trainings on basic tax financial literacy they are empowering small business communities to enhance the tax requirements and make them self-sufficient and independent.

He adds that with this strategy, they intend to increase taxpaying MSMEs in Fiji from the 22,800 who currently contribute around $59 million in taxes annually.