Tui Macuata Ratu Aisea Katonivere has shown support for the establishment of tax free region in Vanua Levu which will boost investment in Labasa.
Speaking to Fijivillage news, Ratu Aisea Katonivere said similar proposals have been put forward to past governments which were never implemented.
Deputy Kadavu provincial Chairman and businessman Alikisadra Naisoro said they welcome the idea as it will imorove infrastructure and provide employment.
The interim finance minister , in announcing the budget yesterday said to encourage investment, support development and create employment opportunities in the North and the Maritime Islands, Government will declare Vanua Levu, Rotuma, Kadavu, Taveuni, Levuka, Lomaiviti, Kioa, Rabi and Lau, as tax free regions effective from 1st January 2009.
The Tax Free Regions incentive will include 13 years tax holiday for a new company and import duty exemption on raw materials, machinery and equipment for initial set-up.
In addition companies that start new projects with at least 25 percent equity participation involving indigenous Fijians will be granted an additional 5 year tax holiday. That is a total tax free status of 18 years. Bainimarama said such incentives should be provided to new companies investing at least $2 million.
Establishment of Tax Free Region Supported
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