KPMG Flash Report – Issue 26 of 2019 – FRCS TPOS launch and online tax return lodgements

KPMG Flash Report – Issue 26 of 2019 – FRCS TPOS launch and online tax return lodgements

We attach our Flash Report (Issue 26 of 2019) in respect of the FRCS Taxpayer Online Services (“TPOS”) launch and online tax return lodgements.

The Flash Report is issued in summary form exclusively for the information of clients and staff of KPMG and should not be used or relied upon as a substitute for detailed advice or as a basis for formulating business decisions.

Attachment: KPMG Flash Report Issue 262019 – TPOS launch and lodgements

Should you have any queries please contact your client service personnel.

Level 10 BSP Suva Central | Renwick Road | Suva | Fiji
GPO Box 32 | Suva | Fiji
T +679 330 1155

Annual Climate Summary for 2018

Annual Climate Summary for 2018

Members are advised that the Climate Report Summary for 2018 is attached from the Dept of Meteorological Services .The link and Highlights are provided below.

Per the last Early Action Rainfall Watch (EAR Watch) update – we recommend that members in the Western Division consider commencing water saving initiatives, especially with the water levels at the Vaturu Dam nearing its first critical level (of 3).

Attachment: Climate Report summary 2018


  • In general, El Niño Southern Oscillation conditions remained neutral for most of 2018;
  • Three tropical cyclones (TC) had direct impacts on Fiji during 2018;
  • The national average rainfall during 2018 was 2538mm, which was 109% of the long term average (2324mm). This ranks 2018 as the 45th wettest year in 62 years of record;
  • A period of suppressed rainfall was experienced from the 2nd half of June to early part of September;
  • The national average mean air temperature during 2018 was 25.9˚C, which ranks as the 4th warmest year in Fiji (since 1959) after 2007, 2013 and 2017;
  • A total of 68 new daily or monthly climate records were established during 2018 (17 rainfall and 51 air temperatures);
  • The annual total bright sunshine hours were near-normal at all three stations (Nadi Airport, Laucala Bay and Nacocolevu) during the year.

PwC Fiji Bulletin: Tax Reporting Requirements and Standard Interpretation Guidelines


PricewaterhouseCoopers, 12 December 2019 – Please find attached our PricewaterhouseCoopers (PwC) Fiji Bulletin in relation to Tax Reporting Requirements and Standard Interpretation Guidelines.

Do not hesitate to contact PwC should you require any further information or clarification.

Attachment: PwC Fiji Bulletin – 12 December 2019 (Tax Reporting Requirements & SIGs)

USP: Assistance with Placements for Hotel Management Interns 2020

USP: Assistance with Placements for Hotel Management Interns 2020

University of the South Pacific, 03 October 2019 – The School of Tourism & Hospitality Management at the University of the South Pacific successfully concluded its Annual Careers Fair at the Shangri-La’s Fijian Resort & Spa on Friday, September 27th on World Tourism Day.

While industry reps are still reviewing their interviews with the Hotel Management interns and will confirm their intakes soon, the School extends an invitation to other industry partners to step forward to support the internship programme and mentor future tourism & hospitality personnel.

Currently there are 33 interns, 11 of which are final year interns, who upon completing their 12 months internship next year are free to continue as permanent employees. These students weren’t able to serve an internship this year due to personal reasons but have added value to their year by gaining work experience, OPERA training and Basic First Aid Training. They are computer literate and are recommended by the School.

Twenty two interns will be 3rd year students next year and will return after their 12 months internship in 2020 to complete their final year at USP (2021). The Bachelor of Commerce in Hotel Management is a 4-year programme.

Biodata for all these interns are available upon request.

For more information, please contact Ella Bennion at USP directly via email to

Is Your Business Disaster Ready?

Is Your Business Disaster Ready?

PIPSO, 30 September 2019 – We (the Pacific) are two months away from the start of the official hurricane season. Usually November to April being the dreaded period.

As a business, have you worked on your Business Continuity Plan? Have you discussed with your staff what to do when a disaster strikes? This is important both for the business and for your staff – so they can prepare not just for the business/where they work, but the information on preparedness can help them in preparing and safeguarding their own household and community.

Check out the BCP toolkits on the PIPSO website here.  Alternatively, reach out to your PIPSO member in-country (ie. Chambers of Commerce, Fiji Commerce & Employers Federation, CPME New Caledonia and French Polynesia, Australia-Pacific Islands Business Council, PCF NZ, for more information)

Related Post: Business Disaster Recovery

Daylight Saving 2019

Daylight Saving 2019

Friday, 2nd August, 2019 – As per Government of Fiji Gazette Supplement no.27 dated 2 August 2019 by the Hon. Minister for Employment, Productivity & Industrial Relations, Praveen Bala, Daylight Savings 2019 will commence from 2.00am on Sunday, 10th November 2019 and end on Sunday, 12th January, 2020.

Members of the Public will need to turn their clocks 1 hour forward on 10th November 2019 and back 1 hour on 12th January 2020.

Legal Notice 66: Daylight Savings Order 2019

Personal Property Securities Act 2017 (PPSA)

As part of our membership benefits, we provide legal opinions on many areas of concern for clarification and interpretation


A new law comes into effect on 31 May 2019 that will affect nearly everybody who

  • lends
  • borrows
  • leases vehicles and equipment
  • supplies goods on credit

The Personal Property Securities Act 2017 (PPSA) was passed by Parliament two years ago. In a Gazette dated 30 April, Government announced that it would become effective on 31 May. This is a very short time to get to grips with an important new law that determines (in some cases) who gets priority over the assets of a business heading towards insolvency.

The law affects personal property, that is, almost anything that is not real property – land and buildings. Land and buildings are generally not directly regulated by the PPSA. Nor, generally speaking, are third-party interests in ships or aircraft.  Some securities (as they do now) include power over future property – that is, personal property the debtor may acquire in future.

What does the new law do?

The new law was enacted (it says) to facilitate the financing of movable or personal property, in order to provide access to credit for micro, small and medium enterprises and individuals. It follows similar laws in place in New Zealand, Australia, Canada and (more recently) a number of our Pacific island neighbours.

Whether the law improves access to finance for SMEs remains to be seen (some of us are sceptical). However the PPSA will definitely make debtor information more transparent[1]. It will definitely require a complete change in how lenders and borrowers (and their lawyers) think about who has security over borrowers’ property. Some of the outcomes might surprise you.

New concepts

Up to now, legal ownership has generally given lenders or creditors priority in a contest over assets of an insolvent party. So a financier who let out goods on hire purchase remained the owner of the goods with a right to retrieve them. Business who sold their goods under retention of title (RoT) clauses could be confident that if a business went bust, they would get their goods back. All of this changes under the PPSA.

The jargon

Businesses (or less often, individuals) holding security interests which attach to property in the possession of others (collateral) must register those security interests on the Personal Property Securities Registry (PPSR) maintained by the Registrar, the Reserve Bank of Fiji (RBF). That is one of the ways (but not the only one) in which those interests will be perfected.

Without a perfected security interest, a creditor of a person or business in financial trouble could find itself at the back of the queue in being able to recover on its loan or account balance for goods sold on credit.

A security interest

A “security interest” is an interest in personal property that secures the payment or performance of an obligation.[2] Most commonly this is because a business has borrowed money and given security to a bank, or bought stock on credit, or equipment on hire purchase. In most such cases the security interest results from a security agreement – a bill of sale, or a terms of supply agreement with a supplier at wholesale level.  However, execution creditors – including creditors with a court judgment, FRCS and FNPF – can also register security interests.


To protect their positions as secured creditors, those who hold security interests must perfect them, usually by registering them on the PPSR.  An unregistered creditor (which might have thought it was secured) gets no priority over unsecured creditors. Sometimes there will be more than one secured creditor of a business (for example a bank and a hire purchase provider). The order of registration may be critical in deciding who has the right to recover money on the assets of a business.

Legal ownership is no longer key 

Up to now, a financier selling a mobile crane on hire purchase typically relied for its priority on the fact that it was the legal owner of the crane until it was fully paid. Now, if the financier does not register its security interest over the crane, it could (in a contest) lose priority to others. The same is true of a manufacturer selling goods to a supermarket relying on RoT terms in its supply agreement.  The manufacturer could also lose priority to the supermarket’s bankers if it does not perfect its interest.

Online registration and searching on the PPSR

The PPSR is the cornerstone of the Act. It is an electronic online register, open 24/7. There will be a limited number of people filing security interests (those who register an account with the RBF). However anybody may search the Register to see if the assets held by a person or business are subject to a security interest. For example if you wish to buy a second-hand car you can check if the seller is free to do so – or is there a security interest that might give priority to the car to someone else? This means that you must be satisfied that when you take the asset, the seller has discharged all relevant security interests.

We are advised by the RBF that no fees will be charged at the outset to file or search at the Registry. That may change over time.


Mortgage debentures: Many companies have granted mortgage debentures to their banks, giving security over all assets and undertaking of the business. These are security agreements creating security interests over the assets of the businesses. Over time these generalised “securities over everything” are likely to become known as general security agreements.

Bills of sale: These are a common security over specific assets (eg a motor vehicle, generator or a piece of plant and equipment). These are security agreements creating security interests over those specific assets. Over time these securities are likely to become known as specific security agreements.

Share mortgages, assignments over book debts etc. These too create security interests which will require registration.

Leases of equipment: If an owner of goods or equipment leases it to someone else for more than 12 months, this creates a security interest for the lessor/owner. It is important for the owner to understand that it must register a security interest or it may lose its own asset to another creditor. It can no longer rely on its legal ownership.

Goods supplied on account, subject to RoT: This is a less well understood idea, but consistent with the policy of the PPSA. A manufacturer, importer or wholesaler may sell goods to a retailer on terms which say that it retains title to the goods (RoT) clause. This creates a security interest which must also be registered.

Purchase money security interests (PMSIs)

Overriding the priorities discussed so far is the possibility of a perfected PMSI. A PMSI is a special security interest recognised over a specific asset if value was given to the debtor to enable the debtor to possess that specific asset. So, for example, a bank may have a security interest in Company A’s assets via a mortgage debenture granted in 2010. However it would still be out-ranked by a finance company lending money to Company A in 2019 to buy a new bulldozer – under a PMSI provided the finance company registers its interest within the timeframes provided under the PPSA.

What about existing securities?

The PPSA contains transitional provisions to allow secured parties to register existing security agreements (mortgage debentures, bills of sale, etc) on the PPSR and maintain existing priorities. This will take place without the involvement of the debtor. The process must be completed before the end of November.

What about stamp duty?

The PPSA through consequential amendments to the Stamp Duties Act also introduces a new category of documents for stamp duty. These “security agreements” are to be stamped at 1.75% of the principal sum involved. This generally does not change for most businesses. However merchants supplying goods under RoT clauses may have to consider whether their supply agreements require stamping (which may possibly be 1.75% of the upper limit of credit). This could become expensive.


This alert covers only the basic elements of the PPSA. It is aimed mostly at readers who are customers of banks or finance companies, or suppliers/lessors of personal property needing a quick update. Generally, issues of security interests over property are straightforward where a business has one bank or financier. However matters can rapidly become complicated when more than one bank, lessor or hire purchase provider is supplying one business, or suppliers of trading stock use RoT clauses.

If you have any questions or concerns about how the PPSA may affect you and your business or require help with the registration of security interests, please contact either Richard Naidu or Glenis Yee.


The information and opinions in this Legal Alert are for general information purposes only. They are not intended as specific legal or other professional advice and should not be relied upon or treated as a substitute for specific advice. Munro Leys can accept no responsibility for any loss arising from reliance on the general information contained in this Legal Alert.

[1]  a good thing, especially the passing of the Fair Reporting of Credit Act 2016 which affected the operations of Data Bureau
[2] Section 2

Source: Munro Leys Law

Notice Convening 2019 Annual General Meeting

Notice Convening 2019 Annual General Meeting

Notice  is hereby given that the 54th Annual General Meeting of the Fiji Hotel and Tourism Association (FHTA) will be held as follows:

DATE:        Friday, 14th June 2019

VENUE:    Radisson Blu Resort Fiji

TIME:         4.00PM – 5.30PM

You can view or download the FHTA 2019 AGM Report here which includes the AGM Agenda and Program for the day.

The hard copy of the FHTA 2019 AGM Report is being posted, couriered or hand delivered to you by the end of the week. Read more

FHTA Update No. 2 for 2019 – Fiji Hyperbaric Chamber

FHTA Update No. 2 for 2019 – Fiji Hyperbaric Chamber

20 May 2019 – The Fiji Hotel and Tourism Association has received an update on the installation new hyperbaric chamber for the CWM Hospital in Suva.

The Ministry for Health has confirmed that the chamber has arrived in Fiji and will be installed by the first week of June with the removal of the old chamber.

The engineers are due to arrive in country by June 1st with the required training taking place after the installation, followed by the official commissioning by late June.

FHTA will provide the next update on this by mid-June 2019.