After a week of deliberations, the 2024/2025 National Budget was passed in Parliament on Thursday night.
Of those present, 39 MPs voted for the budget, 11 voted against, and two abstained.
The 2024/2025 National Budget will come into effect from August 1 and has been set with a total expenditure of $4.552 billion and a total revenue of $3.917 billion.
The fiscal deficit is set at $635.5 million, which amounts to about 4.5 percent of GDP.
Meanwhile, nine Consequential Bills were passed in Parliament yesterday. These are:
– Tax Administration (Budget Amendment) Bill 2024
– Income Tax (Budget Amendment) Bill 2024
– Value Added Tax (Budget Amendment) Bill 2024
– Customs (Budget Amendment) Bill 2024
– Customs Tariff (Budget Amendment) Bill 2024
– Excise (Budget Amendment) Bill 2024
– Airport Departure Tax (Budget Amendment) Bill 2024
– Fiji National Provident Fund (Budget Amendment) Bill 2024
– Tertiary Scholarships and Loans Service (Budget Amendment) Bill 2024