Private Enterprise
p. 129 · Read in the full issue
How Fiji Now Encourages Private Enterprise
2JTEPS which have been taken re -5 cently by the Government of Fiji, to encourage the invest nent of overseas funds in enter jrises in that Colony, are worth loting, as an example to other >acific Territories. • Extensive Customs concessions lave been granted to new and exist ng undertakings and for agricul ural equipment. • The Protected Industries Ord nance provides for the licensing of lew ventures which might not suc :eed unless protected from undue lompetition in the early stages of heir operation. • Special taxation concessions lave been granted to the gold aining industry. • The income tax law has been jnended to permit initial and nnual depreciation allowances on ndustrial and agricultural plant ,nd bui 1 dings. o An Agricultural and Industrial Kians Board has been established 0 grant loans to farmers and to mall and medium-size business ndertakings. • A Commerce and Industries ection of the Secretariat has been et up to help business men or otential investors wh® are enquir ig into the possibility of starting ommercial or industrial enterprises 1 the Colony. • The basic rate of personal in ome tax has been reduced by 3d to /-in the pound, and provision is lade for exempting new companies Dr up to five years from the pay lent of company tax on the first 5,000 of their net profits if the perations of the company are in ae interests of the economic de- Blopment of the Colony, In addition, pecial depreciation allowances will e granted to such companies. • To encourage agricultural and astoral investment, liberal allow nces are to be made for income tax urposes for such improvements to md as fencing and drainage. • An assurance has been given aat the Government does not in md to pursue the suggestion that ividends should be taxed in the ands of the shareholder, as they re in Australia. • Australian and New Zealand Dmpanies operating in Fiji pay tax n their Fiji profits at the lower iji rate and (it is understood) are ot taxed again.
Mr. D. M. N. MacFarlane, a Drmer Mayor of Suva, arrived in uckland in early January on a ealth trip. He will spend some me at Queenstown in the South sland.