Tax Act to be amended
July 9, 2015 6:18 pm
Parliament has unanimously passed a Bill to amend the Income Tax Act.
Minister for Finance Aiyaz Sayed-Khaiyum says the amendment is to cater for provisions to assist the Pacific Games and Fiji Rugby Union.
Businesses that contribute to team Fiji’s participation at the Pacific Games will have provisions for tax deductions.
It also makes sure that the Fiji Rugby Union will be able to source sponsorship to help prepare for the World Cup in the UK in September.
“This is to be able to assist them for their preparations for the World Cup which will be held this year in the UK. We have a tough pool and I think it’s called the death pool and I’m sure the Fiji team can do well and this is precisely what this seeks to address.”
Parliament has also lifted the ceiling for rebates from twenty-five million to 60 million dollars for movie production.