The National Budget is a very important expression of government’s priorities and commitments and reflects both the economic as well as the social priorities of the government. Budget 2020-21 Government to provide grants for first home buyers. The CEO of Fiji Hotels and Tourism Association, Fantasha Lockington says they are delighted the Government has delivered by providing relief for both import and excise duties and tax surcharge. History shows us Fiji holiday dates book out quickly. From August 1st this year, Fiji's business license regime will be removed. The Ministry of Women altogether was allocated $127.7 million in the last budget and this year it has been increased to $159 million. He says they are suspending the Parenthood Assistance Payments announced last year. The reduction of mandatory employer and employee FNPF contributions to 5 per cent will be extended through 31 December 2021. by jyoti praitbha . 15 Income Tax (Budget Amendment) Bill 2020 Bill No. The GDP value of Fiji represents less than 0.01 percent of the world economy. The reduction of 10 percent to 5 percent for employer FNPF contributions will continue. Apart from our primary mandate, FRCS continues to partner and support other government initiatives as needed. He adds they will be lowering the bus fare for pensioners by ten dollars a month given the low usage they have recorded and a general COVID-associated drop in travel. The 2020-2021 Budget builds on key measures introduced in the COVID-19 Response Budget to support economic recovery, rejuvenate private sector activity, protect jobs, assist the unemployed and maintain overall macro-fiscal sustainability. AIYAZ SAYED-KHAIYUM . 5360 0 obj <>stream 2. 2020-12-21. As there is currently no official ban of travel between Singapore and Fiji, and only a… %PDF-1.7 %���� This budget lifts financial burdens from the shoulders of those made most vulnerable by the devastation of this virus, keeping services running, balance sheets buoyed, and workers healthy. Apart from our primary mandate, FRCS continues to partner and support other government initiatives as needed. The Ministry of Education has been allocated $450.6 million for the next financial year. Sayed-Khaiyum says the Department of Social Welfare administers Fiji’s basket of social welfare programmes, which include the Poverty Benefit Scheme, the Child Protection Allowance, the Food Voucher Program, the Social Pension Scheme and the Bus Fare Subsidy for the elderly and people living with disabilities. He says tourism revenues have been evaporated with 40 percent of our GDP gone. National Federation Party Leader Professor Biman Prasad says he is disappointed with the allocation made to agriculture, social welfare and fisheries in the 2020/2021 National Budget. [Source: Fijian Parliament] Government has announced a massive $2 billion stimulus package to fight the impact of COVID-19. Minister for Tourism Faiyaz Koya says the government has done their part by reducing the Environment and Climate Adaptation Levy and Service Turnover Tax and it is now up to the resorts and hotels to do theirs. Sayed-Khaiyum says there will be no pay cuts for other civil servants. He says to brace for the “new normal” they have announced Fiji’s biggest-ever tax cut –– a discount of hundreds of millions of dollars, with strategic incentives across age-old industries as well as new arenas –– such as manufacturing and assembly –– which nations are looking to relocate to price competitive locales. The government says they are reducing import duty by 75 per cent on hybrid cars and non-hybrid cars. Government Budget in Fiji averaged -2.50 percent of GDP from 1992 until 2018, reaching an all time high of 5 percent of GDP in 1998 and a record low of -6.50 percent of GDP in 2001. For the reduced ECAL, the turnover threshold is now $ 3 million annually. 2020/2021 National budget bulletin Navigating through uncertainty . This will bring the Debt to GDP ratio to 83%. Education Minister Rosy Akbar says while there has been a slight reduction in the free education grant, the focus will be making sure the quality of education is not compromised. He says these innovative approaches can help capture massive market and investment opportunities. The Budget would also equip doctors and nurses with the tools they needed to combat the virus and keep the country safe. Fiji 2019-2020 Budget Announcement. Fijian Attorney-General and Minister for Economy, Hon. The Ministry of Women, Children and Poverty Alleviation has been allocated $159.0 million in the 2020-2021 National Budget. As the Minister for Economy Aiyaz Sayed-Khaiyum has announced in the 2020/2021 National Budget that customs duty on 1,600 items and fiscal duty has been reduced to … 2020-2021 NATIONAL BUDGET REVENUE POLICIES Part 1 – Direct Tax Measures (i) Income Tax Act Policy Description 1. As the Minister for Economy Aiyaz Sayed-Khaiyum has announced in the 2020/2021 National Budget that customs duty on 1,600 items and fiscal duty has been reduced to 5% and import excise tax on a range of white goods have been eliminated, the Fijian Competition and Consumer Commission says they will ensure that the benefits of this reduction will be passed down to the consumers. Akbar says she is also happy for the 13,000 plus teachers who will not be subjected to any pay cuts. Be promoted and fiji budget 2020 Accident Compensation levy has been removed and the economy Product in 2018 we a! 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