PLN Advisory Provides Commentary on Fiji Budget 2016/17
AFBC Member, PLN Advisory provides some insight into the Fiji 2016/17 budget.
— By PLN Advisory
The Fiji National Budget 2016/17 delivered on 22 June 2016 has been well received by the public, being described as a balanced budget with no major surprises and where Government has continued its focus to promote growth while maintaining economic stability at the same time. The Honourable Minister for Finance (soon to be known as Minister for Economy) announced the key measures of the budget which, for the first time, will cover a new fiscal year from 1 August 2016 to 31 July 2017. The estimated revenue for this period stands at F$3.1 billion while expenditure is forecasted at $3.6 billion, resulting in a net deficit of $468 million. The deficit is expected to be 4.7% of GDP in 2016/2017 in comparison to 1.6% ($146 million) in 2015/2016.
The PLN Advisory article covers an overview, Taxes, Income Taxes, Fiscal Duty, Local and Import Excise Duty Changes and Financial Sector Reform.
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