There are currently no intentions to raise corporate or personal income tax rates to support the National Development Plan (NDP) for 2025-2029. Deputy Prime Minister Professor Biman Prasad made this clear during a panel discussion regarding the NDP at the University of the South Pacific in Suva on Tuesday.
Responding to a public query, Prof Prasad noted that personal income tax in Fiji is among the lowest in the region. He recognized the ongoing economic adjustments following the COVID-19 pandemic and emphasized the importance of maintaining stable income tax rates during this transitional period.
“We have kept the personal income tax as it is; we do not foresee any changes right now as we understand that individuals are still navigating their financial recovery post-COVID,” Prof Prasad stated.
He reiterated that there are no plans to alter the tax threshold or personal income tax rates. “When we assumed office, we committed to being transparent about our tax policies. Prior to announcing any tax changes in the last budget for 2023, we discussed them with the fiscal review committee and engaged in extensive dialogues regarding corporate tax implications.”
Prof Prasad confirmed, “There is nothing in the works to further increase taxes.”