NEWS

No PAYE For Below $30K Per Annum Salary Earners

Good news for people earning between $16,000 and $30,000. They will no longer pay the income tax as the minimum tax threshold has been increased from $16,000 to $30,000. Till
30 Jun 2017 11:19
No PAYE For Below $30K Per Annum Salary Earners

Good news for people earning between $16,000 and $30,000. They will no longer pay the income tax as the minimum tax threshold has been increased from $16,000 to $30,000.

Till earlier this year, those earning $16,001 and more were paying income tax. This will no longer be the case.

This will relieve the annual burden on taxpayers by approximately $26million annually and increase consumer spending power.

Minister for Economy and Attorney-General Aiyaz Sayed-Khaiyum when announcing the Budget said: “Income tax threshold raised from $16,000 to $30,000, which will remove the burden of taxation from the shoulders of more than 14,500 Fijians.”

The 2017/2018 Budget has maintained the attractive tax policies that have successfully grown the Fijian economy and undertaken tax reforms that will incentivise economic growth in targeted sectors and relieve the tax burden on ordinary Fijians to reduce overall cost of living in Fiji.

 

Other Incentives

Social Responsibility Tax has been ring-fenced to exempt taxpayers making one-off, unusual transactions, specifically: + gain from one-off sale of an asset including depreciable asset, example sale of rental properties (not in business), land (if not in business of buying and selling land), disposal of inherited property and one-off lump sum payments example redundancy, retiree/ gratuity allowances and exit inducement payment.

Edited by Karalaini Waqanidrola

Feedback:  jyotip@fijisun.com.fj



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