New financial year brings new initiatives into effect today
July 31, 2018 8:04 pm
The new financial year begins today and like most budgets there will be some price hikes and some much needed discounts.
Among the new initiatives in the 2018/2019 budget, the parenthood assistance payment comes into effect, the plastic bag levy doubles and your favorite carbonated drink will now cost more.
The much hyped family first budget comes into effect today and on offer for the first time is the family care package which adds another five days paid leave to allow Fijians to take care of their families.
Plastic bags will cost 20 cents from today.
Your favorite sweetened drink will increase by 32 percent with the duty on imported fruit and vegetables reduced to zero percent.
The service turnover tax and the environment and climate adaptation levy will be expanded to businesses with a threshold of 1.25 million dollars
For Fijian companies that invest in research and development, ICT and renewable energy sectors, a 250 percent deduction on expenditure will apply.
Training in the workplace is also being encouraged with a 150 percent tax deduction for employers towards the cost of training.
For those in the market for a new vehicle, fiscal duty will be more than halved to 15 percent from the 1st of August for cars less than two years old.