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Friday, November 21, 2008

2009 National Budget - Some features

The 2009 National Budget has just been delivered by the Interim Prime Minister and Minister for Finance at the Raffles Tradewinds Hotel, Suva, Fiji.

Some of the features that I caught being said included :
  • incentives provided to increase local food production including teh raising of duties on some imported food items;
  • company tax rate to be reduced to 29% in 2009 and down further to 28% in 2010;
  • tax free regions to be set up in the outer islands including Rotuma, Lau, Kioa, etc, (to encourage development in those islands) with tax free status between 13 years to 18 years;
  • 10 year tax free holiday for companies setting up commercial agriculture businesses;
  • 10 year tax free holiday for companies setting up to produce bio fuels;
  • 5 year tax free holiday for companies setting up to produce renewable energy;
  • 13 year fax free holiday for ICT companies including tax free duties for purchasing computers etc from overseas;
  • 200% tax deduction for companies contributing/donating to the film industry in Fiji;
  • road user levy to be introduced for all vehicles and for certain regions in Fiji;
  • second hand vehicles up to 8 years old can be imported again;
  • unlimited Permanent Residency status to former Fiji residents at a cost of F$3,000.00 per person;
  • multiple entry visas to non-residents who are required to hold a Term Deposit with one of the banks in Fiji of over F$300,000.00; and
  • Foreign currency accounts with balances over F$300,000.00 will not be taxed to encourage remittances to Fiji by Fiji residents and former Fiji residents.

I will post more information once I get a copy of the 2009 National Budget Address from my contacts. A copy will be loaded onto our FijiSale Yahoo Group. To subscribe for membership of the Group, enter your email address on the "Subscribe to Fiji Sale - Lists Properties on Mortgagee Sale in Fiji" above.

Individuals and groups that need investment advice can use our company, Gilbert & Samuels Company Limited. We also do strategic planning and business continuity planning consultancy. Our contacts are: telephone (679) 3342719 or e-mail: info@gilbert.com.fj.

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