Business environment in the country has not improved - Kumar

Publish date/time: 02/10/2012 [17:05]

A senior lecturer in the School of Economics at the University of the South Pacific is claiming that despite tax reductions this year, the business environment in the country has not improved.

While speaking during the Fiji Economy Update 2012 at the Holiday Inn in Suva this morning Dr Sunil Kumar highlighted that increase in price control in the economy has discouraged investment.

However, Fiji Revenue and Customs Authority Chief Executive Officer Jitoko Tikolevu said that people should remember that government suffered over a hundred million dollars loss by reducing taxes and government needs to ensure they make this hundred million dollars.

He said that people should ensure they pay their taxes.

According to Tikolevu the bus industry is benefitting from the reduction in duty as new buses are now seen running in the Suva-Nausori corridor and the Queens highway.

He said that there is always give and take.

Tikolevu said that ninety percent of government's money is collected by the Authority.

He strongly highlighted that they are not over taxing the economy as they ensure their tax rates are between 24 to 25 percent.

Tikolevu added that their revenue collection remains very-very strong today.

Story by: Ronal Deo