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Fiji Urged To Reduce Tax Incentives

by Mike Godfrey, Tax-News.com, Washington

17 November 2014


The International Monetary Fund (IMF) has said that Fiji needs to adopt measures that broaden the revenue base in order to enhance buffers and create space for necessary public investment.

In particular, the Fund called for a significant reduction in income tax holidays and tax incentives, which it said have narrowed the direct tax revenue base and added complexity to the tax system. As the general environment for investment and political stability improves, the need for these ad hoc tax incentives diminishes, it said.

The report added that only well-targeted and temporary incentives should be provided after rigorous cost-benefit analysis.

The IMF also said that ad hoc fees, administrative charges, fines, and the irregular treatment of deductibles have worsened the business environment and should also be drastically curtailed.

Earlier this year Fiji's Revenue and Customs Authority (FRCA) revealed that it surpassed its first quarter 2014 target revenue by FJD39m (USD21.2m), or 12.2 percent. To further build on its collections, the FRCA announced recently that it has teamed up with the Fiji Financial Intelligence Unit (FIU) to share information and intelligence to further strengthen tax compliance.

TAGS: environment | compliance | tax | investment | business | value added tax (VAT) | tax compliance | tax incentives | International Monetary Fund (IMF) | Fiji | fees

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