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31 March, 2020, 2:00 pm
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31 March, 2020, 2:00 pm Central - 27°C Rain

COVID-19 Response Budget: More Initiatives

COVID-19 Response Budget: More Initiatives

By Vijay Narayan
Thursday 26/03/2020

To offer serious mortgage relief for homeowners, the government will also be reducing stamp duty rates for Fiji resident taxpayers for mortgages from 1.7% to 0%.

Foreign nationals will see their mortgages’ stamp duty reduced from 5% to 0%.

A 100% write-off will also be granted for the construction of new commercial and industrial buildings, provided the appropriate approvals are obtained before the end of the calendar year.

A 100% write-off of up to $10,000 will be made available on the purchase of fixed assets for business purposes.

And to continue to build an inclusive economy through these tough times, deductions for businesses employing Fijians living with disabilities for three consecutive years will increase from 300% to 400%.

The tax deduction that businesses can claim on their first full-time employee will increase from 200% to 300%.

The tax deduction on wages paid for applicable student apprenticeships will also be increased to 300%.

A 300% tax deduction will also be offered for any donations that businesses make to the government’s COVID-19 donor fund, a trust to be utilised for any coronavirus assistance, from medical supplies to economic relief.

The Minister for Economy has also announced that tax deduction for business rental.

Landlords can reduce rent for business from $1,000 to $500 and the $500 being lost can be claimed and the government will carry the burden.

The VAT Monitoring System implementation will be deferred.

COVID-19 RESPONSE BUDGET ESTIMATE 2019-2020
http://www.parliament.gov.fj/wp-content/uploads/2020/03/COVID-19-RESPONSE-BUDGET-ESTIMATE-2019-2020.pdf

ECONOMIC AND FISCAL UPDATE SUPPLEMENT TO THE COVID-19 RESPONSE BUDGET ADDRESS
http://www.parliament.gov.fj/wp-content/uploads/2020/03/SUPPLEMENT-TO-THE-COVID-19-RESPONSE-BUDGET-ADDRESS.pdf

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