The majority of the business community are still coming to terms with major reductions in stamp duty and taxes of certain items that were announced in the 2020/2021 national budget. [File Photo]

The majority of the businesses are still coming to terms with the removal of stamp duty and reducation in taxes.

Minister for Economy, Aiyaz Sayed-Khaiyum announced on Friday night that all stamp duties will be abolished and there will be a tax deduction for certain business areas as the country strives for economic recovery.

Suva Retailers Association believes that the budget announced is more of a stimulus one than that of revenue earning budget.

“The retail sector has been hit hard like most sectors of the economy we are not immune to what is happening around us and this is the biggest reduction I have come across in Fiji’s recent history.”

The Fiji Commerce and Employers Federation CEO Kameli Batiweti believes the budget has benefits for everyone and also creates a level playing field for micro, small and medium enterprises who have been greatly impacted by the COVID-19 pandemic.

“We view the budget as a favourable one it has been better than what has been in the last couple of years. And therefore this is an excellent budget that allows us to press the restart button quickly and start taking advantage of all the benefits that come with this budget. Lots of good things that the government has brought out in this budget.”

The Minister for Trade Faiyaz Koya says the budget is welcomed by the Ministry and all sectors of trade and tourism are looking forward to working with the new allocations.

Economy Minister Aiyaz Sayed-Khaiyum has also instructed businesses and supermarkets that their prices must reflect the supply side discounts adding that customers need to see the cost-savings from the wholesale customs-restructure.

“Businesses benefitting from these massive reductions should know: Your nation needs your generosity, not your greed. Your profits should be felt by your employees, both those still working and those you now can bring back after letting go.”

Sayed-Khaiyum has stressed businesses that do not comply with the new range of customs restructure can expect to hear from the Fijian Competition and Consumer Commission.