A number of new programmes have been announced in the 2010 National Budget which are expected to benefit both the business community and the poor in the new year.
It is clear that government is now focusing on targeted assistance for low income earners and at the same time to introduce new incentives that will increase business activity, investment and growth.
A lot of focus has been placed on poverty alleviation with new programmes.
While focusing on this, Prime Minister and Finance Minister, Commodore Voreqe Bainimarama has announced a monthly Food Voucher program for the people who will be registered under the Family Assistance Program.
It has also been revealed that the Free School Bus Fare Program will continue in 2010 but it will be based on an income test level.
The government has also announced a decrease in fiscal duty for 2010 for a number of items.
A number of items have now been made duty free.
Fiscal duty on Perfume, Cosmetic, Pre-Shaving or after shaving preparation, cameras, sunglasses, watches, Laptops, IPod, MP3 and MP4 players and Jewellery will be reduced from 15 percent to 0 percent.
Duty has also been reduced from 5 to zero percent for Video and Electronic games and USB Wireless modems.
This comes into effect from the 1st of January 2010.
Zero rating of VAT for locally produced eggs has been removed while the government has imposed 5 cents per litre excise duty on all carbonated soft drinks.
Good news for companies as the government has also decreased the Corporate Tax from 29 percent to 28 percent.
And it’s even better news for those companies listed under the South Pacific Stock Exchange as these companies will be subject to a reduced corporate tax rate of 20 percent next year, provided the companies have more than 40 percent local equity shareholding.
The government has also announced that it will continue funding for HART, squatter upgrade, and resettlement programme in the Housing Authority and Public Rental Board.
At the same time a new Housing Assistance Grant Scheme for families will be introduced for those that cannot meet the bank deposit to take a first home loan but may be in a position to make the loan repayments.
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New programs announced in National Budget
