Internships of doctors will be for 2 years. And any profit they make selling the newly developed lots will be tax exempt. Sayed-Khaiyum says there will be no pay cuts for other civil servants. For TELS, the government has made some policy changes to raise the qualifying standards for students and lower costs. He made the comment after a question raised by businessman, Abdul Khan for the government to look at reducing duties on imported goods to spur construction activity. There’s no restriction on age for vehicles to qualify for these exemptions, but all non-hybrid cars must meet Euro 4 Fuel standards. Referencing New Zealand’s resurgence of COVID-19 cases, Mr Sayed-Khaiyum said Fiji was taking a measured approach, but at the same time allowing the economic activity. The Minister for Economy says prior to COVID-19, 70 percent of the government’s borrowings has been onshore and 30 percent has been offshore. The budget for OPM in 2019-2020 is $17.6 million, comprising $12.7 millionfor operating expenditure, $4.4 millionfor capital expenditure and VAT of $0.5 million. The Ministry of Health has been allocated $394.3 million in this budget. Dec 14 - Dec 18, 2020. 2020-2024 Budget - Ministerial Statement. The 2020/2021 National Budget address will be delivered by the Minister for Economy, Aiyaz Sayed-Khaiyum at 7.30pm tonight. “Reality of the matter is there is a new norm now in the world. He adds that just because it’s safe to travel doesn’t mean people will travel –– but if the deals are good enough, they will fill the planes. The Ministry of Women altogether was allocated $127.7 million in the last budget and this year it has been increased to $159 million. He says tourism revenues have been evaporated with 40 percent of our GDP gone. Mr Sayed-Khaiyum was speaking during his first nationwide budget consultations at the Sai Hall, Sigatoka, and Civic Centre in Nadi yesterday. Shandil says they know that policies have to be implemented that will benefit the whole economy. Dialogue Fiji Executive Director, Nilesh Lal says when expansionary budgets are formulated, reducing wasteful expenditure and inefficiencies should always be an objective. Based on the new factory VAT inclusive price list by Paradise Beverages Limited, a carton of stubbies costs $50.80. The Health Ministry has confirmed that this project is nearing completion. He also says given the expenditure limits, it is understandable that government measures have focused on sectors that have greater potential to expand immediately. Konrote says their multilateral partners like the Asian Development Bank and World Bank’s financing terms are extremely concessional where they get good repayment terms which are around 40 years and almost 0 percent interest rates. An allocation of $3.5 million is provided for rural water carting to communities in non-metered areas during periods of drought, water disruption and during the current recovery period from COVID-19 pandemic. Blended funding provided by the Asian Development Bank ($10.6 million), European Investment Bank ($6.9 million), the Green Climate Fund ($9.2 million), and local sources ($24.1 million) has made this immense project possible. Economic Indicators for Fiji including actual values, historical data, and latest data updates for the Fiji economy. He says they have received a number of applications that would breathe new life, and new jobs, across industries and sectors adding several high-net worth individuals have taken them up on their offer to “escape the pandemic in paradise”. MINISTRY OF ECONOMY P.O Box 2212, Government Buildings, Suva, Fiji; Tele: (679) 3307011, Fax: (679) 3308654Website: www.economy.gov.fj Email: EconomyInformation@economy.gov.fj Ro Lalabalavu House, 370 Victoria Parade, Suva 16th October 2020 To: … She says we all have to look at how can we keep jobs, how can we encourage investment and how can we keep small and micro businesses in operation. The Minister for Economy stresses that we need to bring back jobs and reduce taxes particularly in tourism. Mazey says 26 sporting bodies have handed in their submission for grants and as of this year, all the sporting bodies who requested for funding have received it. Chauhan says he also agrees with the tourism and hotel sector that the Service Turnover Tax and Environment and Climate Adaptation Levy should be temporarily reduced to make our hotel packages more attractive. People can also expect improved streetlight and traffic signals with an allocation of $7.1 million. She says if government is supporting families to put food on the table, they know that there are ratepayers that are facing difficulties and they may not be able to pay rates. Courts Fiji’s Chief Marketing Officer Anil Senewiratne says retail prices of white goods and other products in their stores will come down in line with the reduction in duties announced by the government. Business Process Outsourcing refers to companies contracting its core business operations such as accounting, payment processing, IT services, human resources, regulatory compliance, and quality assurance to outside professionals who ensure the business runs smoothly. He says there is more reason for this to be done because of the close relationship of the Attorney General with the CEO of FBC. He says if you build or upgrade a hospital, depending on your level of investment, you can be granted up to a 20-year tax holiday on your new hospital or up to a 60% tax deduction on your renovation works. The Ministry for Economy says targeted spending is necessary to stimulate economic activity and fund essential COVID-19 measures. This new price list was for its customers who are holders of permits for the sale of alcohol-related products. The Fiji National Sports Commission will be anticipating a 50% reduction in their budget allocation. As part of the project, a new 40 megalitre treatment plant in Viria, Rewa and intake pumping station and 10 megalitre Waitolu reservoir and bulk water mains is expected to be completed in the next financial year. The Institute says they look forward to working with relevant stakeholders and assisting where required to make our road to recovery from the economic effects of COVID-19 a smoother transition. Minister for Local Government, Premila Kumar. The Ministry will restart the seed distribution initiative for backyard farming at the end of September this year. The 2020 Budget Objectives and Thrust 20. Budget 2020 has also been released on the Budget website: https://budget.govt.nz. Fiji Hotel and Tourism Association CEO, Fantasha Lockington is hoping that some relief is provided by the government by reducing import and excise duties and taxes to assist the tourism sector. Budget Highlights. BUDGET 2020-2021 Budget Speech 2020-2021: Budget Speech 2020-2021: Annex to Budget Speech 2020-2021 ESTIMATES 2020-2021 & Indicative Estimates 2021-2022 AND 2022-2023 The first round of forecasting is undertaken just before the release of the National Budget around May or June and the second round is done around October. RBF Governor, Ariff Ali says he does not understand why Prasad is misleading the public as nowhere in the RBF statement it is claimed that the contraction in the economy in 2019 has been blamed on COVID-19. Sayed-Khaiyum says these tough measures have to be taken as government believes raising taxes in a recession is wrong and cutting spending will mean cutting jobs and government services to the people. Lockington says this is like icing on the cake as they had not expected that. Rabuka says it is their job now to properly critique it and hopefully the nation can get behind them to achieve the ultimate goal which is to get the economy back. Governor of the Reseve Bank of Fiji Ariff Ali says GDP growth is expected to be about 14.1 percent on an assumption that visitor arrivals for next year will be 50 percent of the visitor arrivals in 2019. He assured those present that the budget should bring confidence. Anthony says they would also like to see that the FNPF contributions by employers be restored to 10 percent from 5 percent at the soonest. For those families earning above $50,000 annually, they can be granted $20,000 to build their first home or $5,000 to buy their first home. He says we have come this far and we can’t be too far to see the end of the current situation. She says the 2020/2021 National Budget is aimed at building a productive, a more sustained and inclusive economy. The Institute says the government has announced that they will be borrowing at very concessional terms. The Governor says the Macroeconomic Committee conducts and reviews the forecast twice annually. 27-May-2020. Lockington says the reduction of duties and taxes will help them to reduce overhead costs, and when the costs are reduced, they can better package the products. Kumar says the building which includes the changing room and the toilet facility is yet to be completed while only two percent of the works in the swimming pool is left. The Chairman adds that they are looking at the situation positively and are hoping the COVID-19 pandemic will be over soon. Mr Sayed-Khaiyum confirmed that 24,000 people had downloaded the app. As we await the National Budget announcement tomorrow night, Chauhan says this is the time to look at incentives to grow other sectors as we cannot heavily rely on tourism. She says in this time when a country goes through a recession, as a Ministry they need to focus on planning, change in policies and reviewing procedures so that they can streamline the system and reduce any wastage if there is any. While announcing the 2020-2021 National Budget, Minister for Economy Aiyaz Sayed-Khaiyum had said once Fiji’s larger economic recovery gets underway, the bottom-line of the cane growers will be among their priorities. Dr. Reddy says the Ministry Agriculture also has an objective to increase production and productivity for goat, sheep, beef and dairy products in Fiji. Full coverage of 2020-2021 National Budget including budget consultation from different sectors. Chauhan also calls on people to support local businesses as we all need each other to see these days out. He says government funded resources are targeted where they are needed the most. In addition to this, government is also expected to continue providing initiatives to increase rice farming where the Ministry of Agriculture is already providing rice seeds up to 30kg (for 1-acre farms) to every sugarcane farmer. The 2020 National Budget marks the transition from austerity to a growth stimulation and employment generation era. Technology Needs Assessment (TNA) Report for Climate Change Adaptation. It was released last Saturday and Paradise Beverages Limited says the pricing and related details are for licensed customers and not for public circulation. Kumar adds they understand the government’s point of view where revenue has reduced due to COVID-19 which is no fault of theirs but the private and the public sector will need to work together to keep businesses afloat. It has also been announced that the Parenthood Assistance Programme has been temporarily put on hold pending further review, and the guaranteed cane price for sugar has been reduced from $85 to $70 per tonne. Kumar says each municipality is conducting the rate profiling exercise now. He says people may get re-employed after the five week period and this is the kind of checks and balances they have to put in place. [image: usp], Attorney General and Minister for Economy Aiyaz Sayed-Khaiyum [Image: Parliament of the Republic of Fiji], ANZ Country Head and Association of Banks Board member Saud Minam, Accident Compensation Commission of Fiji CEO Parvez Akbar, National Farmers Union General Secretary Mahendra Chaudhry, Consumer Council of Fiji CEO Seema Shandil, Governor of the Reserve Bank of Fiji Ariff Ali, CEO of Fiji Hotels and Tourism Association, Fantasha Lockington, President of Fiji Retailers Association, Vinay Kumar, Health Minister Doctor Ifereimi Waqainabete, Fiji Hotel and Tourism Association CEO Fantasha Lockington. The parliamentary secretariat has also confirmed that the National Budget debate will take place from Monday 27th July to Friday 31st July 2020. For car loans, there will be six months principal and interest holiday. Fijian Competition and Consumer Commission CEO, Joel Abraham says they have already started work to ensure that duty and tax reductions announced in the 2020/2021 National Budget are passed down to the consumers. FNPF will also allow withdrawals for those who have been unemployed for more than 6 months and who could not withdraw before. He says at the same time, the Prime Minister, who is the Sugar Minister received an average of $3,000 per day as overseas travelling allowance in 2019. Sayed-Khaiyum further says as Fiji looks to safely reopen to tourists, the hospitality industry can even get creative with all-inclusive options that allow us to be cost-competitive with destinations like Bali and Phuket, when they open for businesses, they will do so with a vengeance. While responding, the Attorney General has also revealed that the country’s Debt to Gross Domestic Product Ratio is expected to go higher than 60 percent as government revenue is not as strong as it used to be. Ram says they are still trying to work with the customers and the relevant stakeholders. Prasad says at the same time the 32% duty on milk and butter have not been reduced. Minister for Economy Aiyaz Sayed-Khaiyum has said announced the Ministry of Health will get $40million in the COVID-19 supplementary appropriation bill 2020. Sayed-Khaiyum also says that our comeback hinges on holding our place in the global economy. BSP Fiji says for personal loans, there will be six months' principal and interest holiday. He says in addition to the $30 million set aside for this initiative last year, they are adding an additional $30 million this year. Lal says business sectors will benefit from the large tax cuts and rebates, duty abolishment and reductions. Minister for Economy Aiyaz Sayed-Khaiyum will deliver the 2020-2021 National Budget at 7.30pm today. Our Ministry; Our People - Minister of Finance - Minister in the Ministry of Finance - Permanent Secretaries - Vacancies; Divisions; Publications - National Budget - - Appropriation Bills - - Budget Statements - - Call Circulars - - Estimates - - Mid-year Budget Review - - Public Sector Investment Programme - - Review of the Economy 257 officers will be promoted and the Force will recruit 137 new officers. Attorney General and Minister for Economy Aiyaz Sayed-Khaiyum says New Zealand still has a few timelines to meet before Fiji drops quarantine requirements for NZ tourists. Customers only have to pay the VAT component and normal domestic tariff rate applies for any additional units consumed over 100 units. Fringe benefits by employers will be VAT exempt. This is expected to be lower than the original budget by $1,058.2 million, a decline of 34.4 percent. He had said that pay cut, will remain through the next year. Ali says so far this year all the indicators are negative, sectoral performances are all weak, consumption is down and private sector growth is significantly low. Sayed-Khaiyum has also stressed to businesses that their prices must reflect the supply side discounts. This was announced in the COVID-19 Response Budget in March this year. In his statement, Professor Biman Prasad is questioning whether the RBF was under pressure from the government to continue to pretend that there was a “Bainimarama Boom” – when everybody knew differently. Speaking to Fijivillage after the Budget Address, Rabuka says the main purpose of the budget is recovery and we will have to wait and see how much of the recovery can be made from the budget. The 20 percent pay cut for all Members of Parliament will continue. According to the 2020/2021 National Budget Estimates, the Fiji Sports Commission has been allocated $970,465 with $1 million allocated for overseas sports tournaments. 3%. Doctor Raju says he wanted the clarification as this has been suggested by one of the economists. Senewiratne says this is a budget to stimulate the economy. 2021 ECONOMIC POLICIES Assessment of Korea's Economy by Global Credit Rating Agencies A Guide to Korean Taxation 2020 2021 Budget Proposal. The 2020/2021 National Budget will be announced on July 17th. Minister for Tourism Faiyaz Koya says the government has done their part by reducing the Environment and Climate Adaptation Levy and Service Turnover Tax and it is now up to the resorts and hotels to do theirs. ... (Source: Reserve Bank of Fiji and Ministry of Economy) million respectively, while UWSWP was funded by ... Table 1: Cost and Risk Indicators as of 31 July 2020 Source: Ministry of Economy TELS technical college students’ entry age will also be increased from 15 years to 17 years. Abraham says the new prices for alcohol are effective from Saturday July 18th and the retailers should be dropping the prices from the time they get the new stock from alcohol brewing companies while prices of other items are expected to drop from August 1st this year. Fiji FA’s CEO, Mohammed Yusuf says these sporting equipment are given by FIFA, the Oceania Football Confederation and other overseas-based donor agencies. From toothbrushes to spectacle lenses, contact lenses and artificial eye solution; to testing equipment for businesses to help lower production costs; to life jackets, life belts and fire alarms to strengthen public safety; to laundry detergent; to exercise books; to hygiene products like deodorant and shampoos; to food items, like tomatoes, jams, soy sauce, salmon, sardines, cereals, sweet biscuits, potatoes, chocolates, pasta, baking powder and peanut butter; and tourism-related equipment. The Authority was allocated $25.2 million in the current budget to improve water distribution systems. 2020-2024 Budget Book 1 - Appropriation Bill. She says 54 percent of the work is completed. The government has allocated around $100 million funding support for the unemployment assistance scheme. Meanwhile, Minister for Economy Aiyaz Sayed-Khaiyum had said in the budget address that in the COVID-19 Response Budget, they announced that government ministers and parliamentarians were taking the first salary cut of 20 per cent in light of dramatic hits to government revenue. He says the $15 per tonne shortfall of the first three cane payments will be made up in the fourth and final wash-up cane payment in October 2021, which falls in the next financial year, with the government paying the remaining balance. He also says that businesses should not misrepresent to consumers and do not pocket the benefits from the reduction of other taxes. He says the economy is not only at stake now but also our children's economy. He says if payments are on a fortnightly basis, it is essentially like getting a pay. Minister for Economy, Aiyaz Sayed-Khaiyum will deliver the 2020/2021 National Budget address at 7.30 tonight. How do we interact? A 150 percent tax deduction has been announced for hotels to hire local entertainers. Ministry of Agriculture was allocated $78.7 million in the 2019-2020 Budget. Minister for Economy, Aiyaz Sayed-Khaiyum says if you get into the space of legalising marijuana or Indian Hemp, the country could be blacklisted. He says the ongoing review on the social protection programmes systems and processes will ensure that this assistance is well-targeted and administered in a transparent and accountable manner. In March, BSP Fiji announced that to assist customers impacted by COVID-19, they will be providing relief packages on a case by case basis. Ali says economic forecasts reflect the most available data and sentiments at the point in time and are then adjusted upwards or downwards as new data and information comes to hand. The Fiji Police Force has been allocated $200.6 million and this will see the modernization of Police Stations in Nakasi, Nalawa, Nadi and Lautoka while 257 officers will be promoted and the Force will recruit 137 new officers. Kumar adds consumer spending has become very scarce in the last 3 or 4 months as people have been spending their money on essential items only. Honourable Speaker, Honourable Prime Minister, Honourable Leader of the Opposition, it is my privilege to present to Parliament and to all Fijians, across our country and overseas, the National Budget for the Prasad claims what this means is that 8,332 or minimum of 70 per cent of active cane growers out of 11,902 active growers, as stated by FSC’s 2019 Annual Report, who produce an average of 142 tonnes of cane or less, will only earn a net profit of $1,420 per season to be paid over 16 months. Last month saw a major inroad where it was revealed that imported produce like carrots and celery will now be planted in the 125 acres of Nubu farms and the 42 farmers who will be farming in this land will also grow traditional Fijian staples like duruka and dalo. Tropical Cyclone Yasa Lifted House With Man Inside, Tragic Nadi Accident Lands Seven In Hospital, HMAS Adelaide On Way Here As Part of Australia's $4.5m Humanitarian Mission, HMAS Adelaide On Way Here As Part of Australia’s $4.5m Humanitarian Mission, 7,000 Ration Packs Ready For Eastern Division, Man Charged With Attempt To Kill His Mother Granted Bail, Best Christmas Gift For 30K Tattslotto Winner And Sick Mum, Bus Checker Turned Corrections Recruit- My Success Journey, Volotu’s Family To Hold His Memorial On Christmas. 722 were here. He adds within that allocation, $5 million is dedicated to upskilling or reskilling workers whose old jobs have been lost, but for whom new opportunities await. Karan says he thinks the Economy Minister did not have time to explain in detail the methodology of the payments in his budget speech. Minister for Economy, Aiyaz Sayed-Khaiyum confirms the unemployment benefits announced in the 2020/2021 National Budget will be for five weeks after an application is made and an assessment will be done after five weeks to ascertain what has happened to the person who is receiving the benefit. Sayed-Khaiyum says if people have money in their FNPF general account, then they can source the benefits from there and if they do not have sufficient funds, then government will top it up. Clarke says they expect to receive close to $150 million from the overseas market. Sayed-Khaiyum has also announced that excise tax on alcohol will go down by 50 percent. People living on or below the poverty line in the country will be eagerly awaiting the 2020/2021 National Budget announcement tonight on how they will be assisted during this pandemic which has affected everyone. The Fiji Football Association has made a submission to the Ministry of Economy ahead of the 2020/2021 National Budget to consider exempting duty on sporting and training equipment for their development programs and National teams. Ali says the press release issued on 2nd July regarding the 2019 growth rate says that the provisional GDP growth estimate for 2019 has been revised from a marginal 0.5% growth to a 1.3%t contraction, in line with the synchronised global slowdown and weakness in domestic demand from the second half of last year. Chaudhry has labeled the reduction a gross breach of trust adding that the government has reneged on a promise it made to the farmers during the 2018 general election campaign to pay a guaranteed cane price of $85 a tonne for the next three years (2019-2021). Prior to April 2020, the Government subsidy provided for domestic account holders to save 48% on the first 100 units of electricity usage per month. 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