Attorney-General and Minister for Economy, Aiyaz Sayed-Khaiyum. [File Photo]

The Economy Minister says the 2020/2021 budget is aimed at helping Fiji recover from the impact of COVID-19 and safe-guarding Fijians’ wellbeing.

Speaking to FBC News after the budget announcement, Aiyaz Sayed-Khaiyum says the government recognizes the impact of COVID-19 on our economy and the budget has been designed to incentivize our people.

“Essentially this budget is all about helping Fiji recover in a smart innovative manner and also putting in place a new fundamental as far as the economic policies are concerned.”

Sayed-Khaiyum adds the 2020/2021 budget is also focused on easing means of doing business and allowing more people to feel confident to invest in our country.

“Some of them is stamp duties. Many modern countries are actually moving away from stamp duties. For example, if you want to send a consignment overseas you have to get a small stamp. You have a stamp duty and a chequebook. There are over 100 types of stamp duties that you have to pay. Some of the government makes only like $500 a year or $200 a year. Some of them quite large. The fact of the matter is by removing that we are saying that we are easing things up and making it easier for you to conduct business, less expenditure and therefore, that should incentivize people.”

Sayed-Khaiyum says the impact of COVID-19 on our economy has led them to also restructure our economy and some fundamentals like business licenses.