Tax Increase Inevitable, Minister Tells

TAKAYAWA, LOCKINGTON, KATAMOTU, APTED APPOINTED ON FISCAL REVIEW COMMITTEE

Six women have been named among appointees to the Government’s 2023 Fiscal Review Committee, a Government announcement yesterday revealed. Lawyer and Munro Leys partner, Richard Naidu, will chair the committee with KPMG Fiji partner Lisa Apted as his deputy.

The committee will examine the Government’s fiscal policy and make recommendations to rebalance revenue and spending. Finance minister, Biman Prasad, said the Government spent more money than it has earned on its daily operations, in the past decade. “Public debt in 2015 stood at about 46 per cent of Gross Domestic Product (GDP),” he said.

“It is now at about 85 per cent, and it is still not under control.”

He said the advice from the World Bank on ver a review of public expenditure was “alarming”. “Without significant changes to Government finances, our debt to GDP will approach nearly 100 per cent in 10 years’ time.

“This will leave Government no room to borrow for the urgent capital expenditure we need now.”

Taxes

Mr Prasad said Fiji tax increase was inevitable.

“We have to find ways to better measure and control government spending,” he said.

“We have to improve the environment for private sector investment and economic growth.

“In all this we must also ensure that our most vulnerable and economically disadvantaged people are appropriately protected. “Finding the best mix of options is the challenge.”

14 members

The 14-member committee include:

•Reaaz Ali – company director and entrepreneur of Nadi.

•Vani Catanisiga – co-ordinator of the Fiji Council of Social Services.

•Edwin Chand – a company director and businessman of Labasa.

•Neelesh Gounder – Economist and Deputy Head of School (Research) at the School of Accounting, Finance and Economics at University of the South Pacific.

•Matelita Katamotu – business adviser and eco-tourism entrepreneur in Namosi.

•Fantasha Lockington – executive director of Fiji Hotel and Tourism Association.

•Kirti Patel – librarian and community activist of Lautoka.

•Pradeep Patel – partner at BDO Fiji, a chartered accountant and tax professional

•Naibuka Saune – chief executive of Merchant Finance Limited.

•Viliame Takayawa – company director and member of the SODELPA management board

•Barry Whiteside – company director and former Governor of the Reserve Bank of Fiji.

•Mereia Volavola – business consultant and former chief executive of the Capital Markets Development Authority.

The Fiscal Review Committee appointed by Government in an announcement yesterday. From left: Kirti Patel, Matelita Katamotu, Fantasha Lockington, Lisa Apted and Mereia Volavola. Back row from left: Viliame Takayawa, Pradeep Patel, Vani Catanasiga, Richard Naidu, Neelesh Goundar, Finance minister, Biman Prasad, Reaaz Ali, Naibuka Saune, Edwin Chand, assistant Finance minister, Esrom Immanuel, and Barry Whiteside.