Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697770461262.pdf (Fiji)
13 ACT NO.

5 OF 2023 I assent.

AN ACT W. KATONIVERE President [14 July 2023] TO AMEND THE INCOME TAX ACT 2015 ENACTED by the Parliament of the Republic of Fiji— Short title and commencement 1.—(1) This Act may be cited as the Income Tax (Budget Amendment) Act 2023.

(2) This Act comes into force on 1 August 2023 except— (a) section 7 which is deemed to have come into force on 1 July 2023; and (b) sections 2, 3, 5, 6 and 8 to 11 which come into force on 1 January 2024.
(3) In this Act, the Income Tax Act 2015 is referred to as the “Principal Act”.

2.

Section 2 of the Principal Act is amended by— Section 2 amended (a) in the definition of “generally accepted accounting principles”, deleting “Fiji Institute of Accountants Act 1971” and substituting “Fiji Institute of Chartered Accountants Act 2021”; and (b) deleting the definition of “Social Responsibility Tax”.

14 3.
Section 8 of the Principal Act is amended by— Section 8 amended (a) in the heading, deleting “ and Social Responsibility Tax”; (b) deleting subsections (2) and (3) and inserting the following— “(2) The Income Tax imposed under subsection (1) for a tax year is computed by applying the rate or rates of Income Tax applicable to the person prescribed by Regulations made under this Act to the chargeable income of the person for the year, with any tax credits allowed to the person for the year, subtracted from the resulting amount”; and (c) deleting subsections (7) and (8).
Section 10 amended 4.

Section 10 of the Principal Act is amended by deleting subsection (8).

5.

Section 22(1) of the Principal Act is amended by deleting paragraph (h) and Section 22 amended substituting the following— “(h) Income Tax or Capital Gains Tax payable in Fiji or elsewhere, including any penalty, additional tax or interest payable in respect of Income Tax, Capital Gains Tax or fringe benefits tax due;”.

6.
6.

Section 60(8) of the Principal Act is amended in the definition of “Fiji Income Tax” Section 60 amended by deleting “and Social Responsibility Tax” .

7.
Section 67 of the Principal Act is amended by— (a) in subsection (1), deleting paragraph (i); Section 67 amended (b) in subsection (4)— (i) deleting paragraph (a)(i) and substituting the following— “first residential property” means the first residential property that a resident individual or Fiji citizen has acquired, and who has sole ownership or co-owns the same with his or her spouse, parents, siblings, children, grand parents or grandchildren;”; (ii) in paragraph (b), deleting “.”and substituting “;”; (iii) after paragraph (b), inserting the following new paragraph— “(c) paragraph (a)(i), “spouse” includes a spouse in a de facto relationship as defined in the Family Law Act 2003.”; and Income Tax (Budget Amendment)—5 of 2023 15 (c) deleting subsection (5) and substituting the following— “(5) For the avoidance of doubt, any person who was liable for Capital Gains Tax on the disposal of shares before the commencement of section 3 of the Income Tax (Amendment) (No.
2) Act 2021 and had not paid Capital Gains Tax is liable to pay it as if the former subsection (5) of section 67 had not been enacted.”.

8.

Part 9 of the Principal Act is amended in Division 2— Part 9 amended (a) in the heading, deleting “, SOCIAL RESPONSIBILTY TAX”; and (b) in Subdivision 2 in the heading, deleting “and Social Responsibility Tax”.

9.

Section 108(1) of the Principal Act is amended by deleting “and Social Responsibility Section 108 amended Tax”.

Section 110 amended 10.


Section 110 of the Principal Act is amended by deleting subsection (14).

11.

Section 111 of the Principal Act is amended by deleting subsection (3).

Section 111 amended 12.

The Environment and Climate Adaptation Levy Act 2015 is amended by— Consequential amendment (a) in section 10, deleting “and shall form part of the Social Responsibility Tax under the Income Tax Act 2015”; and (b) deleting section 11.
Passed by the Parliament of the Republic of Fiji this 14th day of July 2023.

Price: 52c STAR PRINTERY PTE LTD, (Government Printer), Suva, Fiji – 2023 5/Z/23—160 Official Printer Since 2022 Income Tax (Budget Amendment)—5 of 2023