SUNBIZ

Increase on carry forward tax losses: FCEF

An eight-year carry forward tax losses provision has been suggested by the Fiji Commerce and Employers Federation mining and quarrying council (FCEF – MQC). These submissions were made in Suva
14 Oct 2015 08:03
Increase on carry forward tax losses: FCEF
Greg Morris

An eight-year carry forward tax losses provision has been suggested by the Fiji Commerce and Employers Federation mining and quarrying council (FCEF – MQC).

These submissions were made in Suva before the Parliamentary Standing Committee on Justice, Law and Human Rights yesterday.

Council representative and Namosi Joint Venture country manager Greg Morris said: “FCEF – MQC submits that the current carry forward tax losses provision of 4 years are too restrictive.

“It should be reverted to the 8 years as was the case prior to 2012.”

Mr Morris added the mining projects by nature generally have very high capital costs and long life spans and payback periods upwards of 20 years in many instances.

“The mining sector also is exposed to global resources demands and pricing.

“The council submits that mining projects should be granted indefinite carry forward losses to align with the extended life span and payback period of mining projects,” he said.

Mr Morris noted the tourism projects with hotel incentives were previously granted 13 years.

Feedback:  rachael.nath@fijisun.com.fj

 




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