Fiji Times Tuesday 04 July 2017 DESPITE the decrease in the Service Turnover Tax the Government expects collections to increase to $98.1 million in the 2016/2017 financial year and further increase to $114.8m in FY 2017/2018.
In the 2017/2018 National Budget, Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum announced the reduction in STT from 10 per cent to 6 per cent.
As per the 2017/2018 Budget Supplement STT collections for the FY 2015-2016 stood at $91.3m.
In addition to that, Government has projected its Water Resource Tax to increase to $69.9m for the FY 2017/2018.
Collections from Water Resource Tax stood at $41.7m in 2015-2016 with projections for the collections to rise to $59.7m in 2016/2017.
Meanwhile, the continuous growth in visitors to Fiji is expected to boost departure tax collections throughout 2017 and 2018. Read more…