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Media Center > Cabinet Releases > CABINET APPROVES AMENDMENTS TO TAX LAWS

CABINET APPROVES AMENDMENTS TO TAX LAWS

2/25/2014
Cabinet has approved amendment to the Value Added Tax (Amendment) Decree 2014, the Fringe Benefit Tax (Amendment) Decree 2014 and the Customs (Amendment) Regulations 2014.

The amendments are to provide support to the local Fishing Industry.

Cabinet based its decision on a submission by the Prime Minister and Minister for Finance, Commodore Voreqe Bainimarama.

The Value Added Tax (Amendment) Decree will allow the direct supply of fish which is fresh, chilled or frozen, excluding fish fillets and other fish meats, to a local fish processor as zero-rated items.

The Fringe Benefit Tax (Amendment) Decree 2014 exempts from fringe benefit tax the provision of meals, refreshment or accommodation to a fisherman by their employer on any vessel.

The Customs (Amendment) Regulations 2014 will increase the bunker fuel levy on foreign vessels and foreign fishing vessels from 2 cents per litre to 6 cents per litre, and increase the transshipment levy for fish from $350 per tonne to $450 per tonne.

-ENDS-

 
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