Businesses in the Northern Division of Fiji have contributed a remarkable $57 million in tax revenue from 2022 to 2024, as reported by the Fiji Revenue and Customs Service (FRCS). This substantial amount underscores the vibrant economic activity in the region, particularly in the main towns of Labasa and Savusavu.
In an effort to foster stronger ties with the business community, FRCS recently conducted forums in these areas. Udit Singh, the chief executive officer of FRCS, highlighted a positive trend in local economies, noting that there are now 97,626 registered taxpayers and 13,824 registered businesses in the Northern Division. Among these businesses are 8,037 sole traders, 790 companies, 292 partnerships, and 155 cooperatives, all playing a key role in this economic landscape.
Singh emphasized the impact of the Fiji Government’s “Look North” policy, which has prioritized development in the Northern Division, leading to significant growth in economic activity over the years. Furthermore, Vanua Levu, along with Taveuni, Rabi, and Kioa, is designated as a tax-free region, offering businesses tax incentives and exemptions that can last up to 13 years based on the scale of their capital investments.
The awareness forums held by FRCS brought together tax and customs agents, members of the Labasa Chamber of Commerce, and representatives from local cooperatives. Discussions focused on topics including tax compliance, upcoming national budget policies for 2024/2025, and the reactivation of the VAT Monitoring System scheduled for August 1, 2024.
As part of its Strategic Plan for 2023/2025, FRCS aims to become more customer-focused, highlighting the importance of understanding their clients’ concerns to promote business growth. Singh reiterated this commitment, stating that fostering a supportive environment for businesses will ultimately enhance the overall economic growth of Fiji.
Summary: The FRCS has reported that businesses in the Northern Division have generated $57 million in tax revenue from 2022 to 2024. The government’s policies aimed at boosting local economies are showing positive results, with significant growth in registered businesses and taxpayers. Awareness forums facilitated by FRCS further aim to strengthen collaboration with the business community, while new tax incentives support continued investment in the region.
Overall, this situation presents a hopeful outlook for economic development in Fiji, particularly in the Northern Division, as businesses continue to thrive and contribute positively to the nation’s economy.
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