The Fiji Times »Tourism initiatives impress Whitton
Tourism leader Tony Whitton has expressed relief at the number of tourism initiatives announced in the 2021/2022 national budget.
Rosie Travel Group CEO said Economy Minister Aiyaz Sayed-Khaiyum also rightly noted that tourism is the economic engine of the country.
“A number of targeted discounts for tourism initiatives were announced this evening (Friday) for which we are grateful,” said Mr. Whitton.
“This includes duty-free discounts for the construction of new hotel complexes as part of a short-term investment program (SLIP) to cover international visitors when the borders reopen.
“What stood out to me the most was the announcement of the new Fijian Business Working Capital Fund support for small and large businesses. “
Mr Whitton said resilient but long-suffering tourism businesses that had been closed for nearly a year and a half would be encouraged by the announced Fiji Reserve Bank working capital support facility of $ 200 million without two-year interest.
He said it would provide vital working capital on favorable terms to ensure tourism businesses don’t close.
“When the borders reopen, it can create new jobs and help rebuild the economy. “
Mr. Sayed-Khaiyum, in his budget speech, said under the SLIP, that new hotel investment projects would be offered five-year tax exemptions for capital investments of $ 250,000 to $ 1 million. of dollars, a seven-year tax exemption for investments between 1 and 2 million dollars. and a 13-year tax holiday for capital investments exceeding $ 2 million.
A 20-year tax holiday would be offered for investments over $ 40 million.