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Employers around the country will be able to claim one hundred percent tax fund deductions from next year.
It was announced during the 2019/2020 budget that the deduction for employer’s contribution to Fiji National Provident Fund (FNPF) will be increased from 50 percent to 100 percent effective from 1 January 2020.
Economy Minister Aiyaz Sayed-Khaiyum says this will improve employer compliance level.
“At the moment the FNPF 8 percent of the salary gets deducted from your salary, it goes to FNPF as your contribution then your employer, whatever you pay they pay ten percent of your gross salary and they pay to FNPF, that becomes your money.
Now because it is an expense for the company to pay your ten percent, they were allowed to claim 50 percent as tax deduction. Now we are saying to the employer whatever amount they pay on your behalf the ten percent, they can claim that as tax deduction so 100 percent of that expense of theirs can be claimed as tax deduction so it incentivising them.”
Meanwhile, FNPF had earlier said they are strengthening compliance to recover unpaid contributions.
74 employers were also taken to court and the Fund was able to recover $1.7 million (US$790,000) in outstanding contributions through legal proceedings last year.
SOURCE: FBC NEWS/PACNEWS
Pacific Islands News Association
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