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The Fijian government stands to lose $1.5 billion (US$674 million) or half its tax revenue if the effects of COVID-19 last until the end of the year.
Minister for Economy Aiyaz Sayed-Khaiyum told parliament today that it has lost revenue from Value Added Tax, Environment and Climate Adaptaion Levy or ECAL and Departure Taxes.
He said these are some of tax revenues affected by the closure or borders, the grounding of flights and no activity in the tourism sector.
Despite this, state funded services have been maintained.
“Our expenditure only decreased by about $300,000 (US$150,000) because we wanted to keep up government services in all the ministries including the additional $100m (US$50 million) as a response to the COVID-19 crisis”.
Sayed-Khaiyum said that local businesses can still drive the economy, take loans to grow their enterprise and continue to employ Fijians.
SOURCE: FBC NEWS/PACNEWS
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