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This blog is brought to you by Gilbert & Samuels Company Limited, a financial advisory services and consulting company based in Suva, Fiji.
To contact the authors of this blog, please call telephones (679) 3342719, (679) 3544897 or e-mail info@gilbert.com.fj.


Monday, November 24, 2008

Dividends from unit trusts to be exempt from income tax

Dividends earned from individual citizen's investment with unit trusts based in Fiji will now be exempted from income tax to encourage the level of investments in unit trusts. The announcement was made by the Interim Government in its 2009 National Budget delivered last Friday, 21 November 2008. Unit trusts included in this are :
  • Colonial First State Income Fund;
  • Colonial First State Income and Growth Fund;
  • Fijian Holdings Property Trust Fund;
  • Fijian Holdings Unit Trust;
  • Unit Trust of Fiji.

Our company, Gilbert & Samuels Company Limited, had worked on a proposal to request Government to remove taxes from dividends earned by individual citizens from their investment with unit trusts, for Colonial First State Investments, a subsidiary of the Colonial Fiji Group. That work was initiated in late 2006 / early 2007. It is encouraging to note that the exemption has now been granted.

Investors in unit trusts in Fiji are mainly those that do not profess to have technical skills to be able to manage their own investments with a majority being Fijian villagers and communities.

The Capital Markets Development Authority has brochures providing basic information about investment in unit trusts and what to look out for. For more information, pls call the Authority on (679) 3304944.

I act as one of the two trustees for Unit Trust of Fiji with the other being Ms Ulamila Fa-Tuituku, a lawyer by profession.

Individuals and groups that need investment advice, or advice with regard to capital markets issues, can use our company, Gilbert & Samuels Company Limited. We also do strategic planning and business continuity planning consultancy. Our contacts are: telephones (679) 3342719, (679) 3544897 or e-mail: info@gilbert.com.fj.

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