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The Fijian Government, in a bid to further incentivise employers to go that extra mile for their employees, have made fringe benefits offered by employers tax exempt.
This was revealed by Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum during the 2020-2021 National Budget delivery.
Sayed-Khaiyum said to keep things simple for the “telcos” and support Government’s longstanding commitment to streamline the sector’s regulations, the data levy introduced last year and the telecommunications service licensing fee had been replaced with a single 2 per cent revenue-based telecommunications licence fee.
“Half of a per cent of that new, simplified fee will go into an existing trust fund set aside for the continued development of Fiji’s telecommunications industry, allowing us to further cement our standing as the ICT hub of the Pacific. I’d like to personally thank our telecom companies for their active participation in shaping this policy,” Sayed-Khaiyum said.
He said Government was also streamlining the tax code around depreciable assets to allow assets to be taxed at 10 per cent of capital gains tax rather than 20 per cent of income tax.
“We’re making ourselves a manufacturer’s destination of choice with new incentives to tap into international eagerness to relocate assembly and manufacturing lines to Fiji, including through continued support towards the establishment of a special economic zone in Navutu which we’re developing in partnership with the Fiji National Provident Fund (FNPF) and International Finance Corporation (IFC) to lay the groundwork for a tailor-made manufacturing facility which can be adapted to suit a variety of manufacturing purposes,” he said..
SOURCE: FIJI TIMES/PACNEWS
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