Posts Categorised: Taxation and stamp duty

New changes to penalty provisions are now even more challenging Introduction 1. National Budgets come and go. Most of us focus on changes in taxation or duty rates, new taxes or new tax breaks. But Budget changes also include administrative changes in laws. Those changes may have serious consequences for taxpayers. The most recent Budget… Read more »

The Fair Reporting of Credit Bill, No 27 of 2016 was passed under urgency by the Fiji Parliament on Wednesday 27 April 2016. The Bill is expected to be enacted shortly and published in the Fiji Government Gazette. On commencement of the Fair Reporting of Credit Act, (on a date to be appointed by the… Read more »

The Income Tax Bill is now in circulation, intended to repeal Fiji’s 41-year old Income Tax Act. It is understood that it will be debated in the November 2015 Parliamentary session with a view to it taking effect on 1 January 2016. That is less than four months away for those persons with year-ends which… Read more »

Introduction 1. The 2013 National Budget Address on 22 November 2012 announced a review of stamp duty rates. These changes (and others not announced) have now been enacted in the Stamp Duty (Amendment) Decree 2012, No 84 of 2012. 2. Some of the changes arising from the amendment were not foreshadowed, are somewhat surprising and… Read more »

Introduction 1. Legislative changes have finally been made to give effect to some of the tax changes announced in the 2013 budget in November 2012. These include: (a) to make PAYE in certain circumstances a final tax (b) changes in the advance payment mechanism for company tax and (c) a requirement to file capital gains… Read more »

Tax Tribunal Decision – s.8(2)(a)(ii) of the Income Tax Act, Dividend Regulations and tax-credits for pre- and post-2001 corporate tax

Introduction 1. The Government has issued a new Industry Emblem Decree 2011(Decree) to allow manufacturers and growers of Fiji goods to promote those goods under a branded “Fijian made” or “Fijian grown” emblem. Use of the emblem is not compulsory but those who wish to use it must meet certain requirements set by the Decree…. Read more »

Introduction 1. Capital Gains Tax (CGT) now applies in Fiji. The Capital Gains Tax Decree 2011(Decree) was published on 16 May 2011 and its effect is backdated to 1 May 2011. Those parts of the Land Sales Act taxing profits on land sales have been repealed. 2. The Decree imposes CGT at the rate of 10% on capital gains on… Read more »

MORE TAX BUREAUCRACY (for banks and all of us) Introduction 1. The government has now issued the Tax Administration (Amendment) Decree 2010(Amendment Decree). 2. The Amendment Decree was issued in the Gazette of 26 October 2010. It has apparently been in force since 15 August meaning that some people may have been in breach of a law… Read more »

(Mostly the same, more confusing, less to challenge) Introduction 1. On 24 September 2010 the government published the Commerce Commission Decree 2010[1] (Decree). It is stated to have come into force on 1 July 2010. What the Decree does (?) 2. The Decree intends to replace and consolidate the Counter-Inflation Act (Cap. 73), Fair Trading Decree 1992… Read more »

Fiji has signed the 1958 Convention on the Recognition of Foreign Arbitral Awards. Arbitration awards in Fiji may now be directly enforced in Convention countries, and vice versa. Introduction 1. On 25 September 2010, Fiji signed the 1958 Convention on the Recognition of Foreign Arbitral Awards (New York Convention). The Convention has 142 State parties,… Read more »

Fiji has ratified the 1958 Convention on the Recognition of Foreign Arbitral Awards. Arbitration awards in Convention countries may now be directly enforced in Fiji, and vice versa. Introduction 1. On 27 September 2010, Fiji ratified the 1958 Convention on the Recognition of Foreign Arbitral Awards (New York Convention). The Convention enters into force in… Read more »