The Fiji Institute of Accountants has welcomed the National Budget 2020-2021 with positive note.
The Institute President Nitesh Lal says they acknowledge the good work done and the commitment by the government in putting forward “a very bold and well-planned Budget” that serves all Fijians.
In a statement, Lal says the Budget has taken into account the interests of the wide range of stakeholders and sets the right strategies towards their road to recovery from the catastrophic effects of COVID-19.
The Fiji Institute of Accountants in a statement have said that the 2020-2021 National Budget has been a well thought, broad-based Budget which goes deep into the various sectors of our economy.
FIA President Nitesh Lal, says the budget caters well for the people, the businesses and many sectors of our economy requiring assistance now.
He goes on to say that business sectors will benefit from the large tax cuts and rebates, duty abolishment and reductions.
A significant amount of incentives and opportunities are also available for investments in the construction sectors, medical and health services and sub-division projects.
Support to micro, small and medium enterprises will continue through the highly concessionary loan packages.
There are many other broad-based incentives available to the business sectors to take advantage of, says Lal.
The Institute notes that a significant portion of the Budget will be funded from external sources.
FIA says the borrowing is in line with the global trend and bench-marking with other well developed countries and Lal says “we are still well placed with the borrowing ratio”.
The Government has announced that they will be borrowing at very concessional terms.
The Fiji Institute of Accountants also notes that the tourism sector has received the much- needed assistance in this budgetary process and FIA encourages the Government to continue to work and focus on other sectors in order to diversify our economy further.