Acting Prime Minister and Minister for Finance Professor Biman Prasad has revealed that there won’t be three VAT rates that people will have to pay as they are looking at implementing a tax system that aims at assisting poor families.
While responding to a request from a woman during the budget consultation held at Blue Light Hotel in Nadi if the government could make one flat rate so it makes life easier to do business, Professor Prasad agreed with the request stating that they are looking at all options.
He says they feel that the three rates are a big distortion, not economically efficient, and administratively cumbersome.
He adds they are looking at the best combination.
The Acting Prime Minister highlighted that they abolished student loans because students were not paying.
Professor Prasad says from the $613 million student debt, on average, they collect about $5 or $8 million in a year, and its causing a loss to the government.
He also says they had provided $50 million for the Back To School support which assisted over 214,000 students.
The 2023-2024 National Budget will be delivered on the 30th of this month.
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