Tax incentives encourage, support economic growth
Government has introduced several new tax incentives to encourage and support investments and activities in the country.
Our country’s nine straight years of economic growth speaks volumes.
Because it has been guided by fair, transparent and competitive revenue policies that have brought taxes on companies to record lows, decreased personal income tax obligations, and lowered the tax burden on Fijian consumers.
The Fijian Government will maintain a low, reasonable and equitable tax structure that incentivises private sector investment and responsibly manages government’s spending priorities. The revenue policies in the 2018-2019 Budget are not only designed to sustain Fiji’s economic growth, but also ensure that growth remains inclusive, with the benefits shared by all Fijians.
One such incentive, which property owners around Fiji should utilise, was announced in the 2018/2019 Budget. Government through the incentives is trying to promote the upgrade and modernisation of buildings. The incentives will apply for capital investments above $1million (excluding interior furnishings, furniture and fittings).
A lot of buildings in the central business district need a facelift, especially those that are dubbed heritage buildings.
One such building which a lot of people have commented on has also been dubbed as an eyesore in the heart of Suva.
The incentives have not gone unnoticed, especially by business people who are pushing for property owners to make use of the incentive.
People, we need to wake up, our country is fast developing and we need to make use of such Government incentives and you will reap the rewards.