INVESTMENT

Monday, 12 June 2017 09:37 Written by 
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INVESTMENT OPPORTUNITIES
The Fiji tourism projects included natural & cultural, cruising, water sports & resort activities, yachting, surfing, diving, wedding & honeymoon, shopping, sports and community village tours.
Opportunities available in the Tourism sector: Agro Tourism; Spa Tourism; Health Tourism; Sport Tourism; Nautical Tourism; Retirement Resort Village; Integrated Resort; and Resorts & Villas.
Tax free zones exist in Fiji alongside the following investment incentives
INVESTMENT INCENTIVES
STANDARD ALLOWANCE
Investment allowance (in addition to ordinary depreciation) of 25% of total capital expenditure is allowed as adeduction provided there is no shift of tax revenue to other countries.
Applicable to building of new hotel including renovations or refurbishments or extensions of existing hotel and International Retiree Facilities.
Investment Allowance can only be written off against the income of the hotel business or income from the hotel premises.
Losses carried forward extended to four years.
Recipients of the provisional approval for Standard Allowance in 2016 shall complete the project within two years from the date the provisional approval was granted.
Investors would only need to provide a sketch plan to obtain provisional approval for the investment
allowance, and not necessarily a certified approved. There will be no Investment Allowance from 2017 for existing hotels.
NEW SHORT LIFE INVESTMENT PACKAGE 10 year
tax holiday for capital investments not less than $7 million.
Import duty exemption on all capital goods (including capital equipment, plant & machinery) not available in Fiji but this does not include furniture or motor vehicles that are used in carrying out the investment.
Short Life Investment Package (SLIP) Ince ntives is also available for retirement facilities and hospital resorts.
Short Life Investment Package (SLIP) Incentives is also available for NEW Apartments provided the length of stay is not more than 6 months.
Recipients of the provisional approval for SLIP in 2016 shall complete the project within two years from the date the provisional approval was granted.
Investors would only need to provide a sketch plan to obtain provisional approval for the investment
allowance, and not necessarily a certified approved. There will be no SLIP from 2017 for existing hotels.
BACKPACKER OPERATIONS
Income tax exemptions will be introduced for locally owned backpacker operators with annual sales turnover
of $1m or less.
Duty exemption on the importation of raw materials and equipment used for the establishment of a
backpacker hotel. (This incentive will only be available to backpacker businesses who are granted the
income tax holiday).
FOREIGN INVESTMENT REGULATION FOR TOURISM SECTOR IN FIJI
Under the 2009 Foreign Investment Regulations (FIR) Foreign Investment (Amendment) Regulation 2013 and the Foreign Investment (Budget Amendment) Regulation 2016 the following activities are Reserved for Fiji Citizens only.
Backpacker Operation, Handicraft Business and Home stay Lodging Services.
Under the 2009 Foreign Investment Regulations (FIR) and Foreign Investment (Amendment) Regulation 2013,
Tourism (Cultural Heritage) is restricted.
Any activity involving investment in the cultural heritage of Fiji must have at least $500,000 in owner's
contribution or paid up capital for companies in the form of cash from the operational date, to be fully brought into Fiji within the implementation period.
In addition, all other Tourism activities does not have a minimum investment requirement.
SMALL AND MICRO ENTERPRISES (SME'S)
Income tax exemption is applicable to; Tourism (Sea Cruise and River Tour Operators) with maximum turnover threshold of $500,000.
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