Ifereimi Vasu, the iTaukei Affairs Minister, has expressed his gratitude following the announcement of tax-free incentives for iTaukei businesses. The announcement was part of the ministry’s allocation outlined by the Finance Minister in the Parliament yesterday. According to Vasu, the funding increased from $38.6 million last year to $39.3 million in the current year.
The Minister particularly highlighted the introduction of tax-free incentives for iTaukei business owners, a benefit that wasn’t previously available. Another noteworthy point was that the government would cover the interest for iTaukei businesses taking loans from the Fiji Development Bank or Merchant Finance, which Vasu described as a significant aid.
Vasu added that village improvement initiatives would also be a pivotal aspect of the ministry’s work. Despite a slow initial response due to the sudden nature of the initiative, Vasu believes they can now better prepare to assist the many villages in Fiji. The minister reiterated his delight with this year’s budget.