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Income Tax Act - Income Tax (Small and Micro Enterprises Incentives) Regulations 2006

FIJI ISLANDS

[Legal Notice No 23]

INCOME TAX ACT
(CAP. 201)

INCOME TAX (SMALL AND MICRO ENTERPRISES INCENTIVES) REGULATIONS 2006

IN exercise of the powers conferred on me by section 107 of the Income Tax Act, I make the following Regulations -

Short title and commencement

1. These Regulations may be cited as the Income Tax (Small and Micro Enterprises Incentives) Regulations 2006 and shall be deemed to have come into operation on 1^st January 2006. -

Interpretation

2. In these Regulations, unless the context otherwise requires -

(a) "agriculture" means farming in any one or more of the following products, that is to say, sugarcane, coconut, rice, ginger, yaqona and vegetables;

(b) "community and social project" means any project which involves traditional production of handicraft;

(c) "tourism project" means any project which involves sea-cruise operation, river-tour operation and eco-tourism; and

(d) "Minister" means the Minister for Finance and National Planning.

Availability of Incentives

3. The incentives available under paragraph 68 of section 17 of the Income Tax Act extends to persons engaged in the following projects, that is to say -

(a) agriculture;

(b) fishing;

(c) livestock rearing;

(d) bee keeping;

(e) community and social projects; and

(f) tourism projects

Records to be maintained

4. For the purposes of these Regulations, a person must establish, and maintain, in the English language, such records as will enable the Commissioner, or an officer duly authorized by the Commissioner, to readily ascertain the person's total income in any period.

Made at Suva this 25th day of April 2006.

J. Y. KUBUABOLA
Minister for Finance and National Planning

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