Expect more business growth: Mazey
July 2, 2018 5:11 am
The Fiji Chamber of Commerce believes a spike in growth from various businesses around country will surface in the next financial year.
President Peter Mazey says the changes in the Service Turnover Tax and the Environment and Climate Adaptation Levy will greatly benefit businesses.
The Service Turnover Tax and Environment and Climate Adaptation Levy threshold of $1.25million which is currently applied for licensed restaurants, bars, clubs, bistros and coffee shops, will now be aligned to all other prescribed services for the application of STT and ECAL.
“The removal of the STT and the Environmental Levy on businesses that are eligible to pay it now under the 1.25 million dollars, that’s a brilliant move.”
The government believes the changes will raise the competitiveness of smaller businesses and support their expansion.
In the announcement of the 2018/2019 national budget, the Economy Minister mentioned a new provision will be included to take action against those businesses that fall under this threshold but illegally charge for and pocket false ECAL fees.