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Cut in rent stamp duty

Felix Chaudhary
Wednesday, September 03, 2014

THE Fiji Revenue and Customs Authority has reduced the stamp duty on residential tenants from $500 to $10 for those paying $700 and less in monthly rent.

And the Consumer Council of Fiji said the reduction of stamp duty on residential tenants would bring relief to low and middle income earning families in the country.

Last week, West-based businessman Prem Singh raised the issue in an article in this newspaper.

Mr Singh said the Fiji Revenue and Customs and Authority's decision to impose a flat rate $500 stamp duty fee on all residential tenants last year was an unfair tax on those who could least afford it.

In a statement issued yesterday, Council CEO Premila Kumar applauded FRCA's decision to reduce the stamp duty fee.

"The Consumer Council of Fiji welcomes the reduction of the stamp duty on residential leases as per the Stamp Duties (Amendment) Decree 2014, which came into force on August 30, 2014," she said.

"Residential tenants will now be required to pay only $10 for stamp duty per tenancy agreement if their monthly rental is below $700.

"Those who pay rent ranging from $700 to $1500 will be required to pay $20 as stamp duty.

"Residential tenants having rental rate above $1500 will be required to pay $500 for stamp duty."