Update: 6:08PM THE 2013 Budget took significant steps in liberalising our tax system by reducing tax rates to 20 per cent, benefitting 99 per cent of individual taxpayers.
Government will raise tax threshold from $15,600 to $16,000 in 2013.
This means that the tax threshold has almost doubled in the five years since 2007, when it was $8840.
It will end the system of claimable tax allowance. Pay as You Earn taxpayers will not have to file a tax return at the end of the year.
From 2013, a 17 per cent corporate tax rate plus other incentives - will be available to any foreign company that establishes its regional or global headquarters in Fiji.
Companies that list or are listed on the South Pacific Stock Exchange will now pay a reduced corporate tax rate of 18.5 per cent.
Stamp Duty payable on mortgage will be 1.75 per cent, and 3 per cent for transfer. All new rates will come into effect from January 1, 2013.