Business

No changes to personal tax rates says DPM Prasad

April 26, 2024 12:53 pm

Finance Minister Professor Biman Prasad has assured the nation that there will be no changes in rates of personal, corporate or consumption tax when the national budget is announced in June.

Speaking at the Fiji Institute of Accountants congress, Prasad has announced there is also a possibility of zero rating the three percent import duty that was imposed on manufacturers in the last budget.

Prasad told delegates that there are no surprises that will be announced, and the aim of government continues to be to ensure that its fiscal policies are clearly articulated and consistent and do not change from each budget.

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As consultation continues, the government is looking at perhaps having a distribution tax, on both dividends and head office remittances.

Prasad reveals that this will be at a relatively low level, possibly in the range of five percent, adding they are talking to businesses about the merits of this measure and how such a tax could most effectively be implemented.

The Deputy Prime Minister says plans are also to increase the departure tax April 1st next year and government is considering taking it from $140 to $170.

The extra revenue he says will go towards funding necessary tourism infrastructure, particularly in rural areas where they can harness SME participation and create new tourism experiences.