The Fijian Government will reduce import duty on kid’s apparels in the country from the current 32 per cent to 5 per cent. This will help retail shops stock more affordable garments that will benefit both business owners and parents. The government will also reduce tax for production companies that import textile equipment by 200 per cent.
The Fijian Government has set its expenditure at $3.84 billion and total revenue forecast at $3.49 billion. The country’s net deficit is budgeted at $349.2 million or 2.7 per cent of its gross domestic product (GDP).
Given the level of net deficit, the Government’s debt stock is estimated to be around $5.97 billion or 47.1 per cent of the GDP at the end of July next year.
The growth in government expenditure is estimated around 4.8 percent with revenue projected to grow by 7.2 percent. The tax revenue growth is expected to be around 5.9 percent in line with the nominal GDP growth rate. (DS)