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Economy Minister calls on businesses to be proactive

August 9, 2020 8:05 am

Minister for Economy, Aiyaz Sayed-Khaiyum has challenged businesses in the Western Division to be proactive.

This is to ensure businesses are ready when borders re-open.

While speaking at a Post Budget Forum hosted by the Nadi Chamber of Commerce, Sayed-Khaiyum says this is the reason the 2020-2021 National Budget is designed in a way to spur economic activity domestically.

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The Economy Minister explained that measures such as a reduction in Service Turnover Tax, Environment and Climate Adaptation Levy and removal of stamp duty in over 1,600 items which means a loss of revenue for the Government but will consequently reduce costs for businesses.

Sayed-Khaiyum also touched on how the situation presented a unique opportunity to relook at many other areas such as certain existing legislations that are archaic and have been counterproductive to ease of doing business.

He says these legislations were relevant to those times but the situation is very different with advancing technology and the fast-paced business culture so there will be some changes to that in the coming days.

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