Business

Concession item price monitoring

RACHNA LAL Suva Government will now work with businesses to ensure consumers benefit from the duty concessions being offered. This is after the signing of an agreement on information sharing
11 Jul 2014 08:01

RACHNA LAL
Suva

Government will now work with businesses to ensure consumers benefit from the duty concessions being offered.
This is after the signing of an agreement on information sharing between the Fiji Commerce Commission and the Fiji Revenue and Customs Authority.
The agreement will assist the taskforce established to monitor the price of goods, which had received Government concessions.
Permanent Secretary for Finance, Filimone Waqabaca, however stressed this was not a witch-hunt exercise.
“We want to approach it as a partnership with the various businesses to ensure Fijians benefit from the concessions implemented by the government,” he said.
“The concessions should translate to a lower cost of goods whether they are medicine, building materials or food.”
The permanent secretaries of the Ministry of Finance and the Ministry of Industry and Trade; and the chief executive officers of the Commerce Commission and FRCA make up the taskforce. The taskforce was announced in the 2014 National Budget Announcement.
Under the agreement, FRCA will provide the Commission information such as the names of companies under concession.
However, Mr Waqabaca explained the information shared between the two parties would be kept strictly confidential.

Slow response
Permanent Secretary for Industry and Trade, Shaheen Ali, said at micro level, the market had been slow to respond to some of the concessions offered by Government.
“So this taskforce will assess where these impediments are and work with our stakeholders. In particular, our partners – the private sector – to come up with policy solutions,” he said.
“It’s to ensure the impediments are removed and concessions are passed to ordinary Fijians.”

Monitoring exercise
Fiji Commerce Commission chief executive, Bobby Maharaj, stressed the importance of monitoring the prices of goods post-budget announcement.
“This will mean there is a reduction in the importation cost and that should result in a reduction in the wholesale and retail prices.”
Mr Maharaj said since the 2014 Budget announcement and after the establishment of the taskforce, they have started the monitoring exercise in terms of the current market prices.
“And this agreement will then facilitate us to obtain relevant information to determine whether or not benefits have been passed onto the ultimate consumers,” he said.
Mr Maharaj said the function of price surveillance and monitoring would rest with his organisation.
Fiji Revenue and Customs Authority chief executive, Jitoko Tikolevu, said: “The concessions have been given by Government in good faith and the same must be practiced by those that receive concessions. They must pass on the benefits to consumers,” he said.
Mr Waqabaca said the taskforce would meet regularly, however, dependent on the price surveys that would be carried out across the nation.
“We hope that the businesses will also be corporative as we do our surveillance on goods they sell particularly on which they have received concessions,” he said.
feedback rachnal@fijisun.com.fj




Fiji Sun Instagram
Fiji Plus
Subscribe-to-Newspaper
error: