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Import duty on kids apparel to reduce drastically in Fiji

15
Jun '19
Import duty on apparel for kids will be cut from 32 per cent to 5 per cent, Fijian economy minister Aiyaz Sayed Khaiyum announced in the 2019-20 budget. The step will help retail shops stock more affordable garments that will benefit both business owners and parents, he said. Tax will be reduced by 200 per cent for production companies that import equipment.

The Fijian Government has set its expenditure at $3.84 billion and total revenue forecast at $3.49 billion. The country’s net deficit is budgeted at $349.2 million or 2.7 per cent of its gross domestic product (GDP), according to Fijian media reports.

Given the level of net deficit, the Government’s debt stock is estimated to be around $5.97 billion or 47.1 per cent of the GDP at the end of July next year.

Government expenditure growth is around 4.8 percent with revenue projected to grow by 7.2 percent and tax revenue growth is expected to be around 5.9 percent in line with the nominal GDP growth rate. (DS)

Fibre2Fashion News Desk – India


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