Budget Tidbits - Part 2

• VAT will increase from 12.%% to 15% wef 1 Jan 2011.
• Airport Departure Act comes into effect 1 January 2011 to ensure that airlines and travel agents ensure that departure tax is remitted to FIRCA within 2 wks of ticket issue to international traveller (a boon for international e-ticketing and online travel sales)
• Self Assessment PAYE (as a final tax) to be implemented on 1 Jaunary 2012...simply put this it means taxpayers no longer seek refunds at year end but that (hopefully) the right tax will be taken at source.  For consumers it means spending more for less.
•  A special tax regime for small business operators wef 1 January 2013.

More details downloadable from:

http://www.scribd.com/doc/44020752/Public-Circular-6-of-2010-2

Budget Tidbits...

• Imported vegies up by 32% (may annoy Tourism industry as they have particular standards which the local agro-industry is not on par with at the mo')
• New concessions for wedding couples who wish to bring their own wedding gear for local weddings.
• Imported sweet bickies, waffles and snack products up by 15% wef Friday (Punjas & Co will be happy).
• Import VAT up to 15% (from 12.5%) wef 1st January 2011.

PNG vs Fiji

Economically speaking the gloves are on.

Not only is PNG's economy is outperforming ours, they're slowly sliding towards a position of influence over key banking, tourism, aviation and infrastructure sectors in Fiji.

Forget Australia and NZ, Bainimarama & Co -- your problems are closer to home.

Budget D-Day

Despite all the fanfare from the regime's fan-club, the much glitzed up inconvenience to the tax-payers in addition to Bainimarama's unavailability to deliver the budget address amidst the rumours of his ill-health, his crumbling alliance and chilled relations with Fiji Water (despite Sharon John's fluff)--- the budget will only confirm what we already know. Fiji is broke.

The proof of course will be in the pudding. But the signs cannot be any clearer. Lashing out at one of the country's main exporters at this critical time is a sign that they're floundering.

Presumptiously asserting that Australia will change their tune on Fiji just because Hilary Clinton wants better access to PNG's LNG endowment is a shallow uptake that only Bainimarama excels in. The reality is more global in nature.

But by 11am Fiji time today we'll know for sure what's going down in all things fiscal.

One thing that cannot be disputed is that We The People will have to continue bear the burden of carrying this illegal and treasonous regime.