The Suva Retailers Association has welcomed the 2022-2023 National Budget and the incentives the government has stimulated for an increase in economic activity and commitment to its people and businesses.
President Jitesh Patel said the association had seen that the majority of the policies would help create both employment and investment opportunities.
“This includes the tariffs that have been reduced and we have seen a stimulation of funding by cushioning the impact of high prices. We can see that the Government is trying to help,” Mr Patel said.
“So that will let the money flow in the markets as well as subsidies that will be given to the people, so we expect that cash flow into the economy.
“The incentives given in the car industry, of electric cars, is welcoming green energy into the country.”
He said employment figures were quite high, having reached almost 90 per cent of the pre-COVID-19 levels.
“So that will help to stimulate the local economy and consumption of goods and services with the increase of tourists, so we are expecting the retail sector to bounce back with this budget.”
He said the budget has included for the past four years an increase in small and medium enterprises incentives to aid Fijians, which was a good sign.
“We have seen that the Fiji Development Bank (FDB) has been given some funding to encourage women in business as well.”
He said vital tax policies which had been introduced over the past few years were taken into account for this budget.
This includes the removal of the 20 cents per litre excise duty on fuel, the removal of the Environment and Climate Adaptation Levy (ECAL) on prescribed goods and services, removal of Service Turnover Tax (STT) and stamp duties, reduction in departure tax and fiscal duties and the implementation of a three-tiered VAT structure (0 per cent, 9 per cent and 15 per cent), among others.
