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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.


Sunday, November 23, 2008

Incentives for Small and Microenterprises in Fiji

Although not specifically mentioned in the 2009 National Budget by Fiji's Interim Government as its aims to attract the big investors, here are some of the incentives that small and micro-enterprises can benefit from :
  • income tax threshold reduced to 29% in 2009 and down further to 28% in 2010 (mentioned in 2009 National Budget). This could bring about some tax savings for small and micro enterprises.
  • personal income tax threshold for employees remains at FJD15,000.00 (mentioned in the 2009 National Budget). This means that companies will not have to pay Pay As You Earn taxes for its employees whose salary/wages fall below FJD15,000.00 per person.

The biggest incentive that remains, and which appears to be to have not been removed in the 2009 National Budget is the following, and I quote from the 2008 National Budget Address :

  • "Government is mindful of the contribution of our Small and Micro Enterprises (SMEs). In this regard, threshold for tax exemption will be increased. Additionally, the scope of SME activities will be expanded. From 2008, SME with an annual turnover of $300,000 or less will be exempt from income tax. SME activities will also cover production of dalo, cassava and other root crops. It will also include supportive projects to the tourism industry."

So, while the 2009 National Budget appears to be aimed at attracting the large investors to Fiji, small and micro enterprises still do have incentives to set up.

One potential area that Government can emphasise again is the facilities and avenues that are available to encourage Fiji citizens to set up businesses. Educational institutions should also work towards providing entrepreneurship training for students. In some Asian countries, a course in entrepreneurship is compulsory as a degree unit for all students.

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: telephones (679) 3342719, (679) 3544897 or e-mail: info@gilbert.com.fj.

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