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Fisheries

Fiji’s pristine ocean boasts diverse resources of marine life species that ranges from finfish products such yellow fin tuna, big eye tuna, albacore tuna, marlin, swordfish, mahi-mahi, deep water fish like snapper and reef fish species such as sea-bream, trevally, groupers, coral trout and rock cods. Aquaculture products include prawn, seaweed, giant clam and tilapia farming.

The fisheries sector plays a vital role in the overall growth and development of the country. The sector provides employment and income opportunities, access to food sources, sustainable livelihoods and if properly managed, assists in maintaining balance in the ecosystem biodiversity. The fisheries industry is the third largest natural resource based sector in the economy, behind sugar and subsistence agriculture. In 2015 the sector grew by 3.6% mainly due to increased production in offshore marine fishing and beche-de-mer. This growth enabled the sector to contribute around 1.8% to GDP as well as 12% of total export earnings.

The main contributor to the sector is commercial fishing, especially offshore tuna catches. Other contributors include beche-de-mer, aquaculture and other aquatic-based produce. The main commercial tuna species include big eye and yellowfin. These are high value commodities that are largely destined for the Japanese and the USA markets.

Duty Exemption
Import duty exemption on the importation of raw materials, machinery and equipment (including parts and materials) required for the establishment of the business in the Tax Free Region.
Other Benefits under the TFR
Additional 5 years of income tax exemption is available to any company granted a license and having indigenous Fijian landowner equity of at least 25 percent.  

 
OPPORTUNITIES

  • Fiji has a very large Exclusive Economic Zone, which covers 1.29 million square km of sea.
  • Large stocks of marine resources such as tuna species of yellow fin, skipjack, albacore, and big eye.
  • Pacific Island countries in the western and central Pacific provide 54% of the world tuna catch.
  • Fiji produces some of the most beautiful pearls in the world.
  • Opportunities for aquaculture farming for the tourism industry and exports.
  • Huge potential for value-adding and niche markets. • A variety of seaweed is also available in the Fiji waters.
  • Fiji produces high value commodities that are largely destined for the Japanese and USA market in the form of fresh and chilled tuna (sashimi market) and loin fillets.
  • Our 884,887 residents and nearly 800,000 tourists create a lucrative domestic market of over 1.6 million people. 
  • The coastal waters, coastal mangroves and surrounding reefs have large stocks of fish, crabs, clams, shellfish, prawns, lobsters, etc.

INCENTIVES

TAX FREE REGIONS

This incentive is available to a newly incorporated entity engaged in a new business established between 1 January 2018 to 31 December 2028 in the following areas;

Vanua Levu – included Taveuni, Rabi, Kioa and other islands generally included for governments administrative purpose as being in the Northern Division, Rotuma, Kadavu, Levuka, Lomaiviti, Lau and Nausori-Lautoka region (from Nausori Airport side of the Rewa River (excluding township boundary) to the Ba side of the Matawalu River.

Any company may apply to the Minister for Economy in a prescribed form for an operating licence.

Tax Exemptions Available

The income tax exemption is as follows;

·        capital investment from FJ$250,000 to FJ$1,000,000, for a period of 5 consecutive years; or

·        capital investment from FJ$1,000,000 to FJ$2,000,000, for a period of 7 consecutive years; or

·        capital investment above FJ$2,000,000 for a period of 13 consecutive years.

Benefits under the Tax-Free Region

·        Duty concession on the importation of raw materials, machinery and equipment (including parts and materials) insofar as they are required for the establishment of the business at rates of Free Fiscal, Free Import Excise and 9% VAT.

·        Additional 5 years of income tax exemption is available to any company granted a license and having indigenous Fijian landowner equity of at least 25 percent.

The Trans-shipment Levy (Fish Levy) of $450 per ton has been removed.