Fiji Time: 4:25 AM on Tuesday 28 March

Fiji Times Logo

/ Front page / News

$300m lost

Geraldine Panapasa
Wednesday, July 16, 2014

ABOUT $300million in government revenue was lost last year because of duty concessions, says Fiji Revenue and Customs Authority CEO Jitoko Tikolevu.

His comments followed the signing of a memorandum of agreement between FRCA and the Fiji Commerce Commission to monitor the price of goods, which had received government concessions.

He said the duty concessions had been given by the government in good faith.

"The same must be practised by those that received concessions.

"They must pass on the benefits to consumers," Mr Tikolevu said in a statement last week.

Fiji Commerce Commission CEO Bobby Maharaj said the idea behind the duty concessions was to ensure there was a trickle-down effect, which meant there was a reduction in the importation cost.

"That should result in a reduction in wholesale and retail prices. From the commission's perspective, it's important to monitor the prices of goods post-budget announcement," said Mr Maharaj.

Ministry of Finance permanent secretary Filimone Waqabaca said the government would work with businesses to ensure consumers benefitted from duty concessions.

He said a taskforce, comprising the permanent secretaries of the Ministry of Finance and the Ministry of Industry and Trade, and CEOs of the Fiji Commerce Commission and FRCA, would meet regularly.








Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Westpac
Code Inward TTs Outward TTs
CAD 0.65130.6323
JPY 54.705951.7059
GBP 0.38890.3809
EUR 0.44950.4375
NZD 0.70040.6674
AUD 0.64260.6176
USD 0.48960.4726

from

$0.00

Exchange Rate updated on 27th, March, 2017

Today's Most Read Stories

  1. Family hopes to raise $60,000
  2. Explicit photos online
  3. Bouncer walks a free man
  4. Woman ordered to take her dog for medical attention
  5. Nalaga shows the way
  6. Assistance for fire victims
  7. Ex-PM marks special event
  8. Sangam goes from strength to strength
  9. Reddy: Keep OBs out
  10. 35 battle for 1 spot

Top Stories this Week

  1. Shock after brutal attack Tuesday (21 Mar)
  2. Siblings perish Sunday (26 Mar)
  3. Students sent home Tuesday (21 Mar)
  4. Man rapes wife, jailed Tuesday (21 Mar)
  5. Family hopes to raise $60,000 Monday (27 Mar)
  6. 7s star told don't reoffend Friday (24 Mar)
  7. 'Sims' the star barber Sunday (26 Mar)
  8. Shrea wins modelling title Sunday (26 Mar)
  9. Landowners demand $20m compensation from State Thursday (23 Mar)
  10. Concerns over explicit online pictures Tuesday (21 Mar)