Fiji’S Assurances

T0 The

Illusive Capitalist

~*HE following useful material is contained in a folder entitled, ■ “How Fiji Helps Investors,” just }ued by the Fiji Public Relations ffice for general information:

Relief From Taxation

A new company pays no company x (normally 6/3 in the pound) , the first £5,000 of its net profits r a period up to five years, if its jects are approved by the Gov iment as being in the interests the economic development of the lony. A company starting a new jondary industry would, for in mce, qualify for this concession, initial allowances of 20 per cent., i annual depreciation allowances, ; granted for income tax pur ses on industrial and agricultural ,nt. In the case of buildings, the tial allowance is 10 per cent.

Lny person or company engaged an industry which will encourage i economic development of the lony is granted a special depre tion allowance of 10 per cent, for first five years, in addition to initial and annual depreciation twances referred to above.

Ixpenditure or improvements to d. such as fencing or drainage, loval of timber or weeds, pre ation of land for agriculture and mention of soil erosion, may be et to a considerable extent inst chargeable income in any r. rrangements with the Australian New Zealand Governments for procal tax relief provide that Australian or New Zealand com y pays tax on its Fiji profits at lower (i.e., the Fiji) rate. Com les based in the United King i pay on the higher of the two s. aecial taxation concessions have i granted to the gold-mining in ;ry to encourage mining ex ation. 1 1955, the basic income tax was iced to 1/- in the pound. The increases by ,012 d. for each id of chargeable income until maximum of 6/- in the pound is bed on £5,000. Surtax is pay m addition on chargeable in es above £l,OOO. In addition to statutory allowance of £l5O, is allowed for a wife, £5O for child or other dependent (up lv . e * n number), up to £5OO or sixth of income for life insur

-1 Premiums or superannuation

nents, and the annual cost be n, anc i £250 of educating dependent child. rt«?°y2 ri ? n^ nt . has given an ranee that it will not pursue a

proposal that dividends should be taxed in the hand of the share holder. Dividend income is liable to Surtax only when the total charge able income exceeds £l,OOO. It is of normal tax, but is itself not included in chargeable income for the purpose of determining the rate taxed.

Protection

The Protected Industries Ordin ance makes it possible for the Gov ernment to give protection in the form of licensing to new industries which might not succeed unless pro tected in their early stages.

Customs Concessions

In recent years extensive Customs concessions have been granted to new and existing undertakings, and on imported agricultural equipment.

Assistance And Advice

An Agricultural and Industrial Loans Board has been set up to grant loans to farmers and to small and medium-size business under takings.

The Commerce and Industries sections of the Secretariat will answer inquiries from business men or potential investors and will help in the investigation of promising industrial or commercial possibilities.

Letters should be addressed to the Commence and Industries Officer, Secretariat, Suva.

The Public Relations Office, Suva,

is able to give general information about Fiji. The Fiji Visitors’

Bureau (with offices in Suva and at Nadi Airport) will help visiting businessmen with travel arrange ments and accommodation.