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Other Incentive

RESIDENTIAL HOUSING DEVELOPMENT

  •  Income tax exemption on developer profits for the entire project.
  • Import duty exemption on the importation of capital equipment, plant and machinery. Duty concessions also apply to the importation of raw materials, machinery and equipment for the establishment of the housing project.
  • Subsidy on the proportion of capital investment incurred for the development of the housing units at the following rates:
  •   Less than $100,000 – 7%
  •   $100,000 to $200,000 – 5%
  •   $200,000 to $300,000 – 3%

Conditions

(i) This Incentive is available to companies with;

  • Capital investment (including the cost of support infrastructure and overseas consultant fees but excluding the cost of land over FJD$2,000,000 with at least 20 residential housing units; and
  • The project commences on or after 1 January 2016 and the building is completed within 2 years from the date the provisional approval was granted.
  • The development should comprise of residential units targeting the low, medium and high-end users.  
  • The incentive will only be available with the following condition to a multi-storey development:
  •  Each storey to have at least 15% of the units below the price ceiling of $300,000. This requirement only applies to the first 5 storeys of to development.
  • The incentive will also be available for a ground level multi-unit housing development.

 

DEVELOPMENT OF HOUSING FOR PUBLIC RENTAL

Any private sector business investing in a multi-unit rental housing development will be granted an income tax holiday for the entire duration of the rental agreement with government.

RETIREMENT VILLAGES AND AGED CARE FACILITIES

The following incentives will be available to investments in retirement villages and aged care facilities:

·        Income tax exemption based on the following capital investment levels:

§  Capital Investment from $250,000 - $1,000,000 for a period of 5 consecutive years; or

§  Capital Investment from $1,000,000 - $2,000,000 for a period of 7 consecutive years; or

§  Capital Investment of more than $2,000,000 for a period of 13 consecutive years

·        Import duty exemption on raw materials, plant, machinery and equipment (including spare parts) required for the establishment of the business.

SUB-DIVISION OF LOTS

·        The following benefits will be available for those in the business of sub-division of lots for residential or commercial purpose:

§  Capital Investment of less than $1,000,000 receives a tax deduction of 20%; or

§  Capital Investment from $1,000,001 - $3,000,000 receives a tax deduction of 30%; or

§  Capital Investment from $3,000,001 - $7,000,000 receives a tax deduction of 40%; or

§  Capital Investment of more than $7,000,000 receives a tax deduction of 60%

·        Duty concession will be available on importation of raw materials, equipment and machinery for the establishment of the project.

·        Income tax exemption will be available on developer profits for proceeds of sale.

·        The new Incentive Package for Sub-division of lots will be applicable from 1 August 2020 to 31 July 2022.

PRIVATE SECTOR INVESTMENT IN BUILDINGS

·        The following benefits for private companies investing in buildings to be used by government or entities approved by government will be available:

§  Duty concession will be available on importation of raw materials, plant, machinery and equipment for the establishment of the project;

§  Tax exemption will be available on rental income.

 VAT IMPLICATIONS FOR RESIDENTIAL MANAGEMENT

A person engaged in the supply of residential accommodation, irrespective of the annual gross turnover will be exempted from VAT.

 WASTE-MANAGEMENT AT NABORO TAX FREE ZONE

·        Income tax exemptions granted to companies engaged in waste management business in Naboro is based on the following capital investment levels:

Capital Investment from $250,000 - $1,000,000 for a period of 5 consecutive years; or

Capital Investment from $1,000,000 - $2,000,000 for a period of 7 consecutive years; or

Capital investment of more than $2,000,000 for a period of 13 consecutive years

·        Import duty exemption on raw materials, plant, machinery and equipment (including spare parts) required for the establishment of the business.