The Fiji TimesTaxes within the Home : Authorities unveils plans to spice up fiscal stability

GOVERNMENT must streamline and improve taxes, re-evaluate a number of the tax exemptions and incentives and encourage self-regulation to enhance tax compliance and gather extra taxes to fund expenditure.

The Ministry of Finance, Strategic Planning, Nationwide Growth and Statistics has said this in its Medium Time period Fiscal Technique 2024-2026 that was tabled in Parliament final week.

For the 2022-2023 monetary 12 months, the ministry has forecast a complete income of $2.9 billion towards complete authorities expenditure of $3.8 billion.

“The instant sustainability of fiscal targets rests critically on the Authorities’s capacity to instantly embark on the tax coverage measures for macro-fiscal stabilisation to place Authorities debt to GDP ratio on extra sustainable and downward path,”‘ said the ministry.

“Evaluation the company tax price and different tax incentives accorded to companies.

“Evaluation the departure tax in gentle of the removing of a complete listing of tourism sector taxes like ECAL (The Surroundings and Local weather Adaptation Levy) and STT — Service Turnover Tax).”

The ministry said there must be a overview on the excise tax on alcohol.

“Evaluation the Export Revenue Deduction with a view to take away Fiji out of the EU (European Union ) blacklist.

“Evaluation the VAT (Worth Added Tax) regime to maneuver in the direction of a single price when the time is acceptable.”