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FRCA Extends Duty Reductions To Assist With Reconstruction

The Fijian Government has extended the reduction of a number of fiscal and import excise duties on building materials until May 30. This is in a bid to assist with
04 May 2016 09:51
FRCA Extends Duty Reductions To Assist With Reconstruction
Fijian-Government

The Fijian Government has extended the reduction of a number of fiscal and import excise duties on building materials until May 30.

This is in a bid to assist with rebuilding efforts in the aftermath of Cyclone Winston, Fiji Revenue and Customs Authority acting chief executive, Visvanath Das said.

This includes waiver of 10 per cent Import Excise duty on imports of sawn timber and reduction of Fiscal Duty from 32 per cent to five per cent on imports of ply boards.

Also reduction of Fiscal Duty from 32 per cent to five per cent and reduction of Import Excise duty from 10 per cent to five per cent on imports of insulated wires, cables and electric conductors.

The usual nine per cent VAT will still apply on all items mentioned above.

“Duty and VAT exemption on donations reasonably expected to provide immediate relief to cyclone victims will also continue until May 30.

“This does not include vehicles and jewellery,” Mr Das said.

“These concessions will remain available to all companies and individuals. However, in order to qualify for concession the consignments must leave the country of origin by the end of May.”

The Attorney-General and Minister for Finance, Aiyaz Sayed-Khaiyum, said: “By extending these reductions in duties, we can keep the price of imported timber and ply board low as Government begins distributing funds under the Help for Homes initiative.

“This will allow recipients under the initiative to maximize their purchasing power and take advantage of a higher supply of timber and ply wood in the Fijian market.”

The following reductions will remain in place:

  • Waiver of 10% Import Excise duty on imports of sawn timber
  • Reduction of Fiscal Duty from 32 % to 5 % on imports of ply boards
  • Reduction of Fiscal Duty from 32 % to 5 % and reduction of Import Excise duty from 10% to 5% on imports of insulated wires, cables and electric conductors.

Source: FIJI REVENUE AND CUSTOMS AUTHORITY

 

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