Thursday, June 20, 2024
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Tourism, remittances to grow economy: Prasad

Acting Prime Minister Professor Biman Prasad says Fiji’s economy is on a strong trajectory for growth – resulting from the recovery of the tourism industry, increase in remittances inwardly and the desire from international partners to engage with Fiji.

Speaking at the Labasa Chambers of Commerce during the 2023-2024 National Budget Consultations, the Minister for Finance said there are three pillars that the upcoming budget would be based on, which is to have a fiscal strategy to consolidate government’s financial position by being careful about its high level of debt, ensuring new sources of revenue and cutting wastage.

He said Government will be spending revenue in a qualitative manner to ensure that areas such as health, infrastructure and social welfare are prioritised.

“Government is working on revising the three types of taxation which currently stands at zero vat, nine per cent and 15 per cent which required the input from the business community on the matter,” Prof Prasad added.

Also, members of the Labasa Chamber of Commerce were able to make an input on the matter, including other issues regarding infrastructure, brain drain, rural roads, welfare of vulnerable members of the community and so forth.

Ilaitia Ravuwai
Ilaitia Ravuwai
Journalist | news@fijilive.com

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