Taking BOLD STEPS to recovery

JYOTI PRATIBHA SUVA

The AttorneyGeneral and Minister for Economy, Aiyaz SayedKhaiyum, last night announced a $3.67 billion national budget for the financial year 2020-2021, aimed at the recovery of the Fijian economy after the outbreak of the COVID-19 pandemic. “Mr Speaker, we can’t settle for the timid pursuit of these priorities. This is not the time to retreat. This is not the time to stick our head in the sand and wait for this pandemic to disappear like a bad dream. We have to act, and half measures and baby steps won’t cut it – our recovery must be bold. It demands every ounce of administrative and political will within us and every dollar we can marshal to inject into the economy.”

Major tax reforms were announced. “We can’t tax businesses like it’s a pre-COVID economy or act with false hope that we will return to one anytime soon. To brace for the “new normal” we’re announcing Fiji’s biggestever tax cut –– a discount of hundreds of millions of dollars, with strategic incentives across age-old industries as well as new arenas –– such as manufacturing and assembly –– which nations are looking to relocate to price competitive locales.”

This tax cuts’ biggest savings are also targeted at tourism.