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Friday, December 29, 2006

Value Added Tax to remain at 12.5%

Value Added Tax will remain at 12.5% from 1 January 2007 and not increase to 15% as had been recommended by the former Qarase Government. The Fiji Revenue and Customs Authority said that the increase was not passed as law by the former Government, thus, there will be no increases. The announcement gives some respite to lowly paid consumers and those that have lost jobs as a result of the military takeover. The interim government is looking at ways to make up for the shortfall in government revenue that was to have been assisted with the increase in Value Added Tax.

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