Tuesday, February 27, 2024
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Prof Prasad clears misinformation about VAT

Deputy Prime Minister and Minister for Finance, Professor Biman Prasad has cleared misinformation surrounding the Value Added Tax (VAT) in Fiji.

Professor Prasad reiterated in a radio talkback show this week that there has been no increase in VAT.

He addressed the misinformation circulating regarding a proposed 15 per cent VAT rate and the potential increase of VAT on basic items from 0 per cent to 15 per cent.

While some supermarkets may have adjusted their prices, the Minister assured that it is unrelated to any VAT increase.

He further emphasised that no final decisions have been made regarding VAT modifications, and the Government is committed to careful consideration and due process.

Prof Prasad said that such claims were baseless and appeared to be aimed at creating unnecessary panic among Fijians.

Meanwhile the Fijian Consumer Competition Commission agrees with the Minister’s assessment and encourages consumers to seek factual information and exercise their consumer rights by comparing prices and making informed purchasing choices.

As the regulatory authority responsible for safeguarding consumer welfare and promoting fair competition, FCCC encourages businesses to adhere to ethical practices and transparent pricing strategies.

Reginald Chandar
Reginald Chandar
Head of News & Sports | news@fijilive.com

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