Latest news with #ValueAdded
Scoop
4 days ago
- Business
- Scoop
Fiji: 2025/2026 National Budget—A Socially Responsive Budget
27 June The Consumer Council of Fiji welcomes the 2025/2026 National Budget as a timely and decisive response to the financial strain felt by thousands of consumers across the country. This morning's Budget announcement can be seen delivering a meaningful relief through targeted measures that address the persistent cost-of-living pressures affecting households nationwide. A major highlight of today's announcement is the reduction of Value Added Tax (VAT) from 15% to 12.5%—a move set to ease financial pressures across the economy. This cut is expected to lower prices on essential goods and services, providing much-needed relief to households struggling with rising costs. The Council has long championed a fairer, consumer-focused tax regime, and this reform marks a positive shift toward alleviating the cost-of-living crisis. Consumer Council CEO Seema Shandil described the VAT reduction as both bold and necessary. 'This VAT reduction is a bold and welcome move,' she said. 'But now, the real work begins. For a long time, when VAT was increased, retailers were quick to pass on the added cost to consumers. Yet, when taxes are reduced, those savings are not always reflected on the shelves, instead, they're often absorbed as extra profit.' To address this issue and safeguard consumer interests, the Government has announced the establishment of a National Price Monitoring Taskforce. This initiative will bring together key enforcement agencies including the Consumer Council of Fiji, the Fiji Competition and Consumer Commission (FCCC), and the Fiji Revenue and Customs Service (FRCS). The taskforce will be responsible for ensuring that the tax and duty reductions are properly implemented by retailers and that consumers see the benefits of these changes in real terms. Ms. Shandil affirmed the Council's commitment to this effort, stating, 'We will be working shoulder-to-shoulder with our counterparts at FCCC, FRCS, and the Ministry to strictly monitor retail pricing. This is not a time for complacency. The Fijian people deserve to feel the full benefit of these decisions, and we will ensure that happens.' The Budget also includes significant reductions in import duties for a range of essential food items. Chicken portions and offals such as giblets and liver will now attract a reduced duty of 15 percent, down from 32 percent. Duty on fresh fruits and vegetables — including tomatoes, cabbage, lettuce, cucumber, eggplant, pumpkin, bananas, avocados, mandarins, watermelons and pawpaw remains at five percent. Other fruits and vegetables such as apples, carrots, grapes, mushrooms, celery, broccoli, and nuts will also remain duty free. Potatoes, garlic, onion, tea, and cooking oil will continue to be duty-free as well. Meanwhile, frozen fish, including salmon, and canned fish products will also see duty eliminated entirely. Ms. Shandil emphasized that these reductions have the potential to significantly improve household nutrition and food affordability. 'These are real changes with the potential to impact the nutritional security of families. With key staples now cheaper to import, we expect retailers to bring down prices accordingly, and we will be watching closely.' In addition to food and tax relief measures, the Budget also includes targeted support in other areas that directly affect consumers. A ten percent bus fare subsidy can also be seen to help ease the financial burden on daily commuters and support lower-income earners who rely heavily on public transportation. This subsidy acts like a small "pay raise" by reducing their cost of living. A 10% reduction directly cuts daily transport costs, leaving more money for other expenses. Furthermore, a VAT refund scheme has been announced for residential construction projects valued up to $120,000. This measure is expected to reduce construction costs and encourage more families to invest in building or upgrading their homes. The newly implemented progressive measures, designed to support vulnerable populations and foster healthier living, represent a positive step forward. A 5% monthly increase for social welfare recipients and government pensioners will enhance financial resilience amid rising living costs. Simultaneously, the elimination of the 15% duty on no-sugar-added juices makes nutritious beverages more affordable, encouraging healthier consumption habits. Conversely, the new 15% duty on unhealthy processed snacks like puffed chips serves as a deterrent against excessive consumption of these foods. Together, these policies demonstrate a balanced approach to economic relief and public health improvement, helping build a more secure and health-conscious society. Whilst the Consumer Council reiterates its support for the budget's direction but stresses that the implementation phase will be critical, retailers are urged to pass on every cent of the savings to their customers. The Council will not hesitate to take action against non-compliance. Consumers are also encouraged to remain vigilant and report any instances where price reductions are not being honoured after the measures take effect. Complaints can be made through the Council's toll-free helpline 155 or via its email platform complaints@
The Hindu
18-06-2025
- Business
- The Hindu
Bihar Cabinet gives nod to sign MoU with AAI to develop six small airports under UDAN scheme
The Bihar Cabinet on Tuesday approved the signing of an MoU between Airports Authority of India (AAI) and the State government for developing six small airports under the Ude Desh ka Aam Nagrik (UDAN) scheme in the State. The airports that would be developed are Madhubani, Birpur (Supaul), Munger, Valmikinagar (West Champaran), Muzaffarpur and Saharsa. The decision would pave the way for building airports and related infrastructure necessary for the development of these six airports, Cabinet Secretariat Department's Additional Chief Secretary (ACS) S. Siddharth said. The Cabinet has sanctioned initial allotment of ₹25 crore each for the development of six airports. Earlier this month, the Cabinet also reduced the rate of Value Added Tax (VAT) rate from 29% to 4% on Aviation Turbine Fuel (ATF), which would enable the aircrafts to refuel at Patna. The decision was taken to increase the numbers of flights and make the state competitive on par with neighbouring States. Last month, Prime Minister Narendra Modi had inaugurated Patna airport's new terminal built at the cost of ₹1,200 crore to boost tourism and handle one crore passengers annually. He had also laid the foundation for ₹1,410 crore civil enclave at Bihta Airport. . . The Cabinet also approved the extension of contract period for financial year 2025-26 for 1,717 Special Auxiliary Police (SAP) personnel. These SAP personnel are retired Indian Army personnel. The Cabinet also gave its nod to the transfer of 70.5 acres of land to Industries department, Bihar, Patna for the development of an industrial area. The land falls in Amnour circle of Saran district. r.
Irish Independent
05-06-2025
- Business
- Irish Independent
VAT receipts up, but corporation tax has taken a hit
The amount of Value Added Tax (Vat) collected to the end of May was €11.4bn, up €0.6bn or 5.5pc on the same period in 2024, despite the turbulence caused by US president Donald Trump's tariffs. In May, a Vat-due month, some €3.5bn was collected, which was €0.1bn more than in the same month last year. Income tax receipts in May were €2.8bn, according to the latest Exchequer returns, which was up 3.6pc on the same month last year. On a cumulative basis, €14.5bn in income tax has been collected in the year so far, up €0.6bn or 4.5pc. This reflects a scenario of almost full employment. Total tax receipts of €38.2bn were collected to the end of May, up €3bn or 8.5pc. But when the windfall Apple tax revenues are taken out, the figure stood at €36.4bn, which was just €1.3bn or 3.6pc ahead. May is considered an important month for corporation tax revenues, and €2.5bn was collected, which was down €1.1bn, or just over 30pc, on the same month last year. Receipts in May 2024 were boosted by one-off factors, however. Overall, and excluding money from the Apple tax settlement, corporation tax this year stands at €5.7bn, which is €0.6bn or 9.4pc down on the same period in 2024. Orla Gavin, head of tax at KPMG, said: 'The dip in corporation tax receipts in May, down just over €1bn on May 2024, is unexpected, given the steady performance of corporation tax payments to date this year. 'While May is a significant month for corporate tax payments, the decline may be due to the concentrated nature of taxpayers rather than a general indication of business performance owing to global trade uncertainties. The key months of June and November will be crucial in assessing whether the government's corporation-tax forecasts for the year are achievable.' Paschal Donohoe, the minister for finance, also said the most notable feature of the Exchequer returns for May was in respect of corporation tax, which he agreed had seen a 'marked' drop year-on-year. 'While this reflects once-off factors last year, it nonetheless highlights the degree of concentration in the corporate tax base, wherein a small number of multinational firms can significantly impact on the overall tax yield,' he added. ADVERTISEMENT 'In a context of unprecedented uncertainty in the international economic landscape, this serves as a timely reminder of Ireland's exposure to changes in the global trading environment, and of the vital importance of adhering to a sensible and sustainable budgetary strategy.' Total gross voted expenditure in the first five months of the year amounted to just under €42bn, up just over 8pc on last year, but €37m behind profile. Overall, an Exchequer surplus of €4bn was recorded to the end of May. This compares to a surplus of €0.8bn last year, but the comparison is again distorted by the Apple tax settlement. Once that is taken out, the underlying surplus of €0.7bn is €0.1bn behind the same period last year. The Minister for Public Expenditure, Jack Chambers, said: 'We are seeing a significant increase in capital spending in particular, up by almost a third year on year. This underscores Government commitment to tackling infrastructure gaps in our economy and society. "I am currently undertaking a review of the National Development Plan to further target investment in the critical, growth enabling areas for the rest of the decade and will be bringing this review to Government next month.'
Time of India
04-06-2025
- Business
- Time of India
Bihar cabinet clears over INR 1,800 crore in water projects, boosts education and welfare jobs
PATNA: The Bihar Cabinet, chaired by Chief Minister , approved 47 key agendas spanning over urban development, education, social welfare, infrastructure, and administrative reforms. Tired of too many ads? go ad free now This was the first cabinet meeting in about two weeks, and significant, given the wide-ranging decisions taken. Under the Urban Development and Civic Infrastructure, Phulwari and Danapur Nagar Parishads have been upgraded to Municipal Corporations. Major funding has been approved for water supply projects. For Ara, the Cabinet has approved Rs 138 crore, Rs 1,130 crore for Siwan, Rs 76 crore for Sasaram and Rs 497 crore for Aurangabad. In the Education and Social Welfare Departments, the Cabinet has approved the Buxar-Rohtas Residential School. Contract-based posts sanctioned for Bihar Jeevika Nidhi Credit Cooperative, nine posts of Krishi Seva (Agriculture Service) created, 935 posts of Assistant Education Development Officer approved and 190 posts in the Social Welfare Department. The Cabinet has also approved two amendments, including Bihar Polytechnic Education Service Rules, 2025 and Bihar Engineering Education Service Rules, 2025. The Bihar cabinet has also approved 38 posts of Assistant Land Property Officer and 15 clerk posts for the Bihar Public Service Commission (BPSC). The cabinet has also approved the establishment of the District Organising Area Officer Office in every district, and a housing project for senior police officers in Chhajju Bagh, Patna. It has also approved the dismissal of Jitendra Kumar, Drug Inspector, Patna-5 and Jatashankar Pandey, District Minority Officer, Jamui. Tired of too many ads? go ad free now The state cabinet has approved the appointment of Protection Officers for victims of domestic violence. Land in Naubatpur was granted to the Akshaya Patra Foundation (Bengaluru) to support mid-day meal services in schools. Besides, the state cabinet has enhanced the pay scale for Central Prohibition Inspectors, Value Added Tax reduction on Aviation Turbine Fuel (ATF) to boost air connectivity and approved fire safety measures under the Building Construction Department. The decisions come at a time of increasing scrutiny over state governance, especially around law and order and public service delivery.
Time of India
02-06-2025
- Automotive
- Time of India
High road tax, off-track fuel policies hitting revenue & vehicle sales in MP
Madhya Pradesh's high vehicle road tax is causing substantial revenue losses. The Federation of Automobile Dealers Association (FADA) has highlighted that customers in MP are purchasing vehicles from adjacent states with lower taxation rates. Ironically, despite repeated appeals to the state govt for tax reduction, no action was taken. MP is losing money on different types of vehicle sales. People who want fancy cars (costing over Rs. 20 Lakhs) are buying them in Chhattisgarh or Arunachal Pradesh. Why? Because the road tax is lower there. MP charges 16% road tax. FADA claimed that Chhattisgarh only charges 10%. Arunachal Pradesh has a fixed rate of Rs. 35,000. This difference is a big deal for expensive cars. Electric vehicles (EVs) and hybrid vehicles also have tax issues. The road tax on two-wheeler EVs in MP went up from 1% to 4%. People want the govt to bring it back down. Chhattisgarh and Uttar Pradesh have zero road tax on EVs. Chhattisgarh even gives subsidies of up to Rs. 15 Lakh on EVs and hybrid vehicles. This makes buying these vehicles much cheaper in Chhattisgarh, added FADA officials. Ambulance registrations are another problem. People prefer to register ambulances in Chhattisgarh. This is because MP charges 10% road tax on ambulances. Chhattisgarh has no road tax on them. This makes ambulances cheaper to register in Chhattisgarh. The way MP calculates road tax is also being questioned. Right now, road tax includes the GST (Goods and Services Tax). A suggestion was made to calculate the tax before GST is added. This would lower the amount of tax people pay. MP has a great location in the middle of India. This could make it a big logistics hub. The govt could offer incentives to car companies. This could help them deliver cars faster. It could also create more jobs in MP, said FADA officials. Fuel taxes are also a problem. MP has some of the highest VAT (Value Added Tax) rates on fuel in India. Because of this, truck drivers and others often fill up their tanks in other states. This means MP loses out on tax money. It also makes fuel more expensive for people who live in MP. The govt needs to take these issues seriously to "prevent tax revenue losses." It will help to "reduce the financial burden on MP's population." By fixing these tax problems, MP can keep more money in the state. FADA MP raised four crucial concerns. "These include advocating for lower road tax rates in MP, seeking a reduction in fuel VAT, highlighting MP's potential as a logistics hub due to its central location, and addressing the incorrect practice of road tax calculation on GST," said Chairperson FADA Madhya Pradesh , Ashish Pande. He added, "It's worth noting that MP's sales performance was significantly lower than the national average over the past 4 months, resulting in reduced revenue collection for the state, both in terms of GST and road tax. This needs immediate attention from the state govt." Transport department officials did not respond to the calls made to them.
