Fiji will now begin its financial year from the 1st of August this year until the following July.
While speaking at a press conference the Attorney General Aiyaz Sayed-Khaiyum says they have held meetings with the World Bank regarding this issue.
He also says most of the companies pay their taxes in December, and with this new financial year the taxes paid in December will still be recorded for 2016.
He says small economies like Fiji are running a very tight budget where our stated deficits can get out of balance.
Sayed-Khaiyum adds another reason for changing our financial year is because most of the people go on holiday mode in December and early January and our economy may suffer from this issue.
He also says that if our financial year starts from January, we are smacked in the middle of the cyclone season.
