GOVERNMENT had made historic reductions to all tax rates in the 2012 budget.
This was revealed by the Prime Minister Commodore Voreqe Bainimarama at the Fiji Revenue and Customs Authority Gold Card launch yesterday at Nasese, in Suva. "The reduction in personal tax rates redirected $53.1 million into the pockets of taxpaying Fijians," he said.
Commodore Bainimarama said they reduced tax rates for 99 per cent of the individual taxpaying population, and they had also reduced customs duty on items our economy need in order to grow.
"The reduction of the corporate tax rate from 28 per cent to 20 per cent basically means that businesses in Fiji have more money to reinvest in plant, equipment, and hiring. With the lowest corporate tax rates in the region, including Australia and New Zealand, there is no excuse not to pay your taxes."
He said government had done its part to ensure that the tax contributions of Fijians were reasonable. "We have acted with prudence, sensitivity, and good economic sense," he said.