Anybody who now makes a profit by selling his capital assets will have to pay a tax of 10% under the Capital Gains Tax Decree 2011.
Cabinet approved the Decree after the Attorney General Aiyaz Sayed-Khaiyum highlighted that the introduction of this Tax is timely as the Fiji Revenue and Customs Authority continues to widen its tax base.
Sayed-Khaiyum said that the capital assets covered under the new tax include land, a structural improvement to land, or an interest in land, including a lease, a vessel of over 100 tonnage, including yachts, shares, securities, equities, or other financial asset, an intangible asset, an interest in a partnership or trust, an airplane, helicopter or other aircraft.
The Capital Gains Tax Decree 2011 applies on or after 1st May 2011.
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