Businesses need longer term financing at reduced interest rate and VAT should not be increased – Dr. Ali

The Fiji Chamber of Commerce and Industry is calling for policies for longer term financing for businesses at reduced interest rates.

President, Doctor Nur Bano Ali says that’s what businesses need now.

She says finance is very restrictive to businesses and while they have so much liquidity in the market, businesses are finding difficulties to get finance at a reduced rate.

Ali says businesses are suffering at multiple levels where the cost of most of the businesses are the same and while they want to keep their staff employed, they are finding major difficulties as they do not have finance.

Ali says they have also submitted to the Ministry of Economy that there should be no change to all tax concessions and concessionary structures that were put in place for businesses last year.

Ali adds VAT should not go up as it is already difficult for people to access food. She says they know Government revenue is reduced however they will be able to sustain for another financial year through downsizing and cutting spending, similar to what businesses have done.

The Fiji Chamber of Commerce and Industry is also supporting Government's no jab no job policy.

Minister for Economy, Aiyaz Sayed-Khaiyum will deliver the 2021/2022 National Budget at 7.30pm this Friday.