373

No. 38

GOVERNMENT OF FIJI GAZETTE SUPPLEMENTTUESDAY, 3rd AUGUST 2021

EXTRAORDINARY

[LEGAL NOTICE NO. 75]

INCOME TAX ACT 2015________

Commencement NoticeIN exercise of the powers conferred on me by section 1(3) of the Income Tax Act 2015, I hereby appoint 1 August 2021 as the commencement date of Part 6 of the Income Tax Act 2015.

Made this 3rd day of August 2021.

A. SAYED-KHAIYUMAttorney-General and Minister for Economy

[LEGAL NOTICE NO. 76]

INCOME TAX ACT 2015________

Income Tax (Exempt Income) (Amendment) Regulations 2021

IN exercise of the powers conferred on me by section 142 of the Income Tax Act 2015, I hereby make these Regulations—

Short title and commencement1.—(1) These Regulations may be cited as the Income Tax (Exempt Income)

(Amendment) Regulations 2021.

(2) These Regulations are deemed to have come into force on 1 August 2021.

Schedule amended2. The Schedule to the Income Tax (Exempt Income) Regulations 2016 is amended by—

(a) in Part 2 after paragraph (4), inserting the following new paragraph—

“(5) A unit trust.”;

(b) in Part 4 in paragraph (9)(b), deleting “; and” and substituting “; or”; and

(c) in Part 9—

(i) in paragraph (3)(b), deleting “13” and substituting “20”; and

(ii) deleting paragraph (6).

Made this 3rd day of August 2021.

A. SAYED-KHAIYUMAttorney-General and Minister for Economy

374

[LEGAL NOTICE NO. 77]

INCOME TAX ACT 2015________

Income Tax (Submarine Network Cable Investment Incentives) Regulations 2021

IN exercise of the powers conferred on me by section 142 of the Income Tax Act 2015, I hereby make these Regulations—

PART 1—PRELIMINARY Short title and commencement

1.—(1) These Regulations may be cited as the Income Tax (Submarine Network Cable Investment Incentives) Regulations 2021.

(2) These Regulations are deemed to have come into force on 1 August 2021.

Interpretation2.—(1) In these Regulations, unless the context otherwise requires—

“cable landing station” means the first point at which the submarine network cable is connected or terminated in Fiji;

“capital goods” means raw materials, capital equipment, plant, machinery, spare parts and any other goods employed in the submarine network cable business but does not include furniture or motor vehicles;

“company” means a company registered under the Companies Act 2015;

“final approval” means the approval granted by the Minister under regulation 8;

“Minister” means the Minister responsible for finance;

“project” means a project on or after 1 August 2021 for the establishment of a new submarine network cable business including the construction, renovation or refurbishment of a building, factory or plant into a cable landing station or other associated infrastructure development;

“provisional approval” means the approval granted by the CEO under regulation 4;

“submarine network cable” means an integrated system of communication cables laid on or below the floor of the ocean or other body of water, that collectively provides data transfer from one land-based location to another;

“submarine network cable business” means a business investing in submarine network cables and any associated infrastructure development; and

“submarine network cable investment incentive” means the duty exemption under regulation 5 and the exemption of tax on income under regulation 9 for a submarine network cable business established on or after 1 August 2021.

375

PART 2—SUBMARINE NETWORK CABLE INVESTMENT INCENTIVE Application for provisional approval

3.—(1) A company (“applicant”) may apply in writing to the CEO for provisional approval of the proposed project.

(2) The application must set out and be supported by the following—

(a) the name and registered office of the company;

(b) the names of all directors and shareholders of the company, including the percentage of ownership of shares in the company;

(c) a current statement of all assets and liabilities of the company;

(d) the location and description of the proposed project;

(e) a sketch plan showing the proposed project;

(f) the estimated cost of the proposed project;

(g) if the proposed project is to be carried out in stages, a description and the estimated cost, of each stage and details of the proposed timetable;

(h) evidence of the company’s ability to undertake the proposed project;

(i) details of the proposed method of financing the proposed project;

(j) estimates of the projected income from the proposed project;

(k) a letter from the Department of Environment confirming—

(i) that the screening process for an Environmental Impact Assessment has been undertaken and there is no need for an Environmental Impact Assessment to undertake the proposed project; or

(ii) that an Environmental Impact Assessment has been undertaken and the proposed project has been approved by the Department of Environment;

(l) any other relevant permit, licence, certificate, approval or authorisation for submarine network cable business, construction or development required under any written law, as and when applicable; and

(m) any other information the CEO may require.

Power to approve applications4.—(1) The CEO may—

(a) reject the application;

(b) approve the application, with or without any condition; or

(c) approve part of the application, with or without any condition, and reject other parts of the application.

(2) The CEO must take into account the following matters when determining an application under subregulation (1)—

(a) the ability of the applicant to undertake the proposed project;

376

(b) the assets and liabilities of the applicant;

(c) the nature and extent of the proposed project;

(d) the findings of the Environmental Impact Assessment, if applicable;

(e) the sustainability of the proposed project;

(f) the potential contribution of the proposed project to the economy;

(g) all necessary requirements have been met and all necessary approvals have been obtained; and

(h) such other matters the CEO may consider relevant to the desirability of the proposed project and the capability of the applicant to complete it.

(3) An applicant whose application has been rejected, including a partially rejected application, may—

(a) make a new application to the CEO;

(b) amend and resubmit the original application to the CEO; or

(c) appeal the decision of the CEO to the Minister.

Effect of provisional approval5.—(1) When provisional approval is granted, all capital goods, imported by or on

behalf of the applicant and used in the carrying out of the project, are exempt from all duties payable in respect of their importation under concession code 305 of Schedule 2 to the Customs Tariff Act 1986.

(2) Before capital goods are imported by the applicant, it is a condition of importation that the applicant must first provide proof that such goods cannot be produced locally to the satisfaction of the CEO, who decides whether such goods are to be imported.

(3) Nothing in this regulation applies to any tax payable under the Value Added Tax Act 1991.

Commencement of project6.—(1) An applicant that has been granted provisional approval must commence the

project within 24 months from the date on which the provisional approval was granted.

(2) Subject to the other provisions of this regulation, where an applicant has been granted provisional approval and has completed the project, the applicant may apply to the Minister for final approval.

(3) An application under subregulation (2) must be made in writing and be supported by the following—

(a) copies of invoices and a schedule of expenditure relating to the project;

(b) an approved plan showing the site, layout and surrounding areas of the project;

(c) a certificate of completion and permit to occupy issued by a building surveyor in accordance with the Public Health (Building) Regulations 1959, as applicable; and

377

(d) any other relevant permit, licence, certificate, approval or authorisation for submarine network cable business, construction or development required under any written law, as and when applicable.

(4) Subject to regulation 8, the Minister must refuse to grant final approval if the applicant has failed to commence the project or has failed to comply with any condition upon which provisional approval was granted.

Extension of time for commencement of project7.—(1) If a company to which provisional approval has been granted is unable to

commence the project within the period provided in regulation 6(1) due to unforeseen circumstances or some other act beyond the control of the company, the company may apply in writing to the Minister to extend the time by which the project must commence.

(2) The application must be made within 30 days before the end of the time period provided in regulation 6(1).

(3) If the Minister extends the time under subregulation (1), the company continues to enjoy the duty free concession provided for by regulation 5 during the extended period.

Final approval if completed8.—(1) An application for final approval must not be granted unless—

(a) the applicant produces a certificate of completion and permit to occupy issued by a building surveyor in accordance with the Public Health (Building) Regulations 1959, as applicable;

(b) the Minister is satisfied that the applicant has in all respects completed the requirements of the project;

(c) the Minister is satisfied that the project meets the applicable standards; and

(d) the project is fully completed.

(2) The CEO must notify the applicant in writing of the decision of the Minister made under subregulation (1).

Effect of final approval9. From the first day of commercial operation of the submarine network cable business

or such other date as the Minister may specify, final approval entitles the company to a tax exemption for a period of 30 consecutive fiscal years, on the income of the submarine network cable business in the case of capital investment of more than $40,000,000.

Revocation of submarine network cable investment incentive10. The Minister may revoke the submarine network cable investment incentive if the

applicant—

(a) breaches any condition of provisional or final approval;

(b) fails to setup and install the submarine network cable;

(c) fails to comply with any of the requirements of these Regulations; or

(d) is convicted of an offence under any written law relating to taxation, customs or excise,

and any tax or duty foregone is payable.

378

Transferability of package11. If the company in respect of which a submarine network cable investment incentive

has been granted is sold or is to be sold, the purchaser or prospective purchaser may apply in writing to the Minister for the transfer to it of any remaining benefits of the submarine network cable investment incentive.

Specification of particular requirements12. The Minister may prescribe particular requirements under these Regulations

applicable to any particular area of Fiji.

Made this 3rd day of August 2021.

A. SAYED-KHAIYUMAttorney-General and Minister for Economy

[LEGAL NOTICE NO. 78]

INCOME TAX ACT 2015________

Income Tax (ICT Infrastructure Investment Incentives) Regulations 2021

IN exercise of the powers conferred on me by section 142 of the Income Tax Act 2015, I hereby make these Regulations—

PART 1—PRELIMINARY Short title and commencement

1.—(1) These Regulations may be cited as the Income Tax (ICT Infrastructure Investment Incentives) Regulations 2021.

(2) These Regulations are deemed to have come into force on 1 August 2021.

Interpretation2.—(1) In these Regulations, unless the context otherwise requires—

“capital goods” means raw materials, capital equipment, plant, machinery, spare parts and any other goods employed in the production of other goods but does not include furniture or motor vehicles;

“company” means a company registered under the Companies Act 2015;

“final approval” means the approval granted by the Minister under regulation 8;

“ICT” means information and communications technology;

“ICT business” means a business providing services which are ICT enabled such as software development, call centres, customer contact centres, engineering and design, research and development, animation and content creation, distance learning, market research, travel services, finance and accounting services, human resource services, legal services, compliance

379

and risk services or other administration services, but does not include an internet café or any retail or wholesale of information technology products or the repair, sale or service of any such products;

“ICT infrastructure investment incentive” means the duty exemption under regulation 5 and the exemption of tax on income under regulation 9 for an investment in ICT infrastructure on or after 1 August 2021;

“ICT infrastructure” means any form of infrastructure to be used by an ICT business;

“Minister” means the Minister responsible for finance;

“provisional approval” means the approval granted by the CEO under regulation 4; and

“project” means a project on or after 1 August 2021 for the establishment, development or construction of ICT infrastructure with an investment that meets the minimum investment threshold provided under regulation 9.

PART 2—ICT INFRASTRUCTURE INVESTMENT INCENTIVEApplication for provisional approval

3.—(1) A company (“applicant”) may apply in writing to the CEO for provisional approval of the proposed project.

(2) The application must set out and be supported by the following—

(a) the name and registered office of the company;

(b) the names of all directors and shareholders of the company, including the percentage of ownership of shares in the company;

(c) a current statement of all assets and liabilities of the company;

(d) the location and description of the proposed project;

(e) a sketch plan showing the project;

(f) the estimated cost of the project;

(g) if the project is to be carried out in stages, a description and the estimated cost, of each stage and details of the proposed timetable;

(h) evidence of the company’s ability to undertake the project;

(i) details of the proposed method of financing the project;

(j) estimates of the projected income from the project; and

(k) any other information the CEO may require.

Power to approve applications4.—(1) The CEO may—

(a) reject the application;

(b) approve the application, with or without any condition; or

380

(c) approve part of the application, with or without any condition, and reject other parts of the application.

(2) The CEO must take into account the following matters when determining an application under subregulation (1)—

(a) the ability of the applicant to undertake the project;

(b) the assets and liabilities of the applicant;

(c) the nature and extent of the project;

(d) the potential contribution of the project to the economy; and

(e) such other matters the CEO may consider relevant to the desirability of the project and the capability of the applicant to complete it.

(3) An applicant whose application has been rejected, including a partially rejected application, may—

(a) make a new application to the CEO;

(b) amend and resubmit the original application to the CEO; or

(c) appeal the decision of the CEO to the Minister.

Effect of provisional approval5.—(1) When provisional approval is granted, all capital goods, imported by or on

behalf of the applicant and used in the carrying out of the project, are exempt from all duties payable in respect of their importation under concession code 303 of Schedule 2 to the Customs Tariff Act 1986.

(2) Before capital goods are imported by the applicant, it is a condition of importation that the applicant must first provide proof that such goods cannot be produced locally to the satisfaction of the CEO, who decides whether such goods are to be imported.

(3) Nothing in this regulation applies to any tax payable under the Value Added Tax Act 1991.

Completion of project6.—(1) An applicant that has been granted provisional approval must complete the

project within 24 months from the date on which the provisional approval was granted.

(2) Subject to the other provisions of this regulation, where an applicant has been granted provisional approval and has completed the project, the applicant may apply to the Minister for final approval.

(3) An application under subregulation (2) must be made in writing and be supported by the following—

(a) copies of invoices and a schedule of expenditure relating to the project;

(b) an approved plan showing the site, layout and surrounding areas of the project;

(c) if applicable, a certificate of completion and permit to occupy issued by a building surveyor in accordance with the Public Health (Building) Regulations 1959; and

381

(d) if the project is to be leased, used by or rented out to some other person, proof of a valid legal agreement to that effect.

(4) Subject to regulation 8, the Minister must refuse to grant final approval if the applicant has failed to complete the project or has failed to comply with any condition upon which provisional approval was granted.

Extension of time for completion 7.—(1) If a company to which provisional approval has been granted is unable to

complete the project within the period provided in regulation 6(1) due to unforeseen circumstances or some other act or circumstances beyond the control of the company, the company may apply in writing to the Minister to extend the time by which the project must be completed.

(2) The application must be made within 30 days before the end of the time period provided in regulation 6(1).

(3) If the Minister extends the time under subregulation (1), the company continues to enjoy the duty free concession provided by regulation 5 during the extended period.

Final approval if completed8.—(1) An application for final approval may only be granted if—

(a) the applicant produces the documents required under regulation 6(3), and the Minister is satisfied that the documents confirm the matters to which they relate;

(b) if applicable, the applicant produces a certificate of completion and permit to occupy issued by a building surveyor in accordance with the Public Health (Building) Regulations 1959;

(c) the Minister is satisfied that the applicant has in all respects completed the requirements of the project; and

(d) the project is fully completed.

(2) The CEO must notify the applicant in writing of the decision of the Minister made under subregulation (1).

Effect of final approval9.—(1) From the first day of the use of the ICT infrastructure for commercial purposes

or such other date as the Minister may specify, final approval entitles a company to the following tax exemption on the income from the completed project—

(a) in the case of a capital investment from $2,000,000 to $5,000,000, for a period of 10 consecutive fiscal years;

(b) in the case of a capital investment from $5,000,001 to $10,000,000, for a period of 15 consecutive fiscal years;

(c) in the case of a capital investment of more than $10,000,000, for a period of 20 consecutive fiscal years.

382

(2) For each fiscal year within the time period in subregulation (1), the applicable tax exemption applies only if at least 90% of the applicant’s income derived from the project within that fiscal year is from an ICT business.

(3) If the project is the development of units to be sold as unit titles to an ICT business, including a Business Process Outsourcing (BPO) company, the proceeds from the sale are also exempt from income tax.

Revocation of ICT infrastructure investment incentive10. The Minister may revoke the ICT infrastructure investment incentive if the

applicant—

(a) breaches any condition of provisional or final approval;

(b) fails to comply with any of the requirements of these Regulations; or

(c) is convicted of an offence under any written law relating to taxation, customs or excise,

and any tax or duty foregone is payable.

Transferability of package11. If the company in respect of which an ICT infrastructure investment incentive

package has been granted is sold or is to be sold, the purchaser or prospective purchaser may apply in writing to the Minister for the transfer to it of any remaining benefits of the ICT infrastructure investment incentive.

Specification of particular requirements12. The Minister may prescribe particular requirements under these Regulations

applicable to any particular area of Fiji.

Made this 3rd day of August 2021.

A. SAYED-KHAIYUMAttorney-General and Minister for Economy

[LEGAL NOTICE NO. 79]

INCOME TAX ACT 2015________

Income Tax (Tax Free Region Incentives) (Amendment) Regulations 2021

IN exercise of the powers conferred on me by section 142 of the Income Tax Act 2015, I hereby make these Regulations—

Short title and commencement1.—(1) These Regulations may be cited as the Income Tax (Tax Free Region Incentives)

(Amendment) Regulations 2021.

(2) These Regulations are deemed to have come into force on 1 August 2021.

383

(3) In these Regulations, the Income Tax (Tax Free Region Incentives) Regulations 2016 is referred to as the “Principal Regulations”.

Regulation 3 amended2. Regulation 3 of the Principal Act is amended after the definition of “enforcement

officer” by inserting the following new definitions—

““ICT” means information and communications technology;

“ICT business” means a business providing services which are ICT enabled such as software development, data storage services, call centres, customer contact centres, engineering and design, research and development, animation and content creation, distance learning, market research, travel services, finance and accounting services, human resource services, legal services, compliance and risk services or other administration services, but does not include an internet café or any retail or wholesale of information technology products or the repair, sale or service of any such products;

“ICT park” means an area of commercial infrastructure as approved by the Minister built by or for an ICT business in the area specified in regulation 4(1)(h);”.

Regulation 4 amended3. Regulation 4(1) of the Principal Regulations is amended by—

(a) in paragraph (f), deleting “and”;

(b) in paragraph (g), deleting “.” and substituting “; and”; and

(c) after paragraph (g), inserting the following new paragraph—

“(h) Tamavua.”.Regulation 6 amended

4. Regulation 6 of the Principal Regulations is amended by—

(a) after subregulation (1A), inserting the following new subregulation—

“(1B) A company applying for a provisional licence in relation to regulation 4(1)(h) must hold the relevant permit, licence, certificate, approval or authorisation for business, construction or development required under any written law, as and when applicable.”; and

(b) in subregulation (2), deleting “subregulations (1) and (1A)” and substituting “this regulation”.

Regulation 7 amended5. Regulation 7 of the Principal Regulations is amended after subregulation (1B) by

inserting the following new subregulation—

“(1C) Notwithstanding subregulation (1), the Minister shall, when considering an application in relation to regulation 4(1)(h), take into account that the company is to make a new investment in the development of an ICT park with the following levels of investment—

(a) capital investment of $10,000,000 to $30,000,000; and

384

(b) capital investment above $30,000,000.”.Regulation 13 amended

6. Regulation 13(1) of the Principal Regulations is amended after paragraph (b) by inserting the following new paragraph—

“(c) From the first day of commercial operation of the ICT business in the ICT park or such other date as the Minister may specify, the ICT business in the ICT park approved and established in the region prescribed in regulation 4(1)(h) shall be exempt from tax on income derived from the ICT business in the ICT park in the following manner—

(i) capital investment of $10,000,000 to $30,000,000, for a period of 20 consecutive fiscal years; and

(ii) capital investment above $30,000,000, for a period of 25 consecutive fiscal years.”.

Made this 3rd day of August 2021.

A. SAYED-KHAIYUMAttorney-General and Minister for Economy

[LEGAL NOTICE NO. 80]

INCOME TAX ACT 2015________

Income Tax (Commercial Agricultural Farming and Agro-processing Business Investment Incentives)

Regulations 2021IN exercise of the powers conferred on me by section 142 of the Income Tax Act 2015, I hereby make these Regulations —

PART 1—PRELIMINARY Short title and commencement

1. —(1) These Regulations may be cited as the Income Tax (Commercial Agricultural Farming and Agro-processing Business Investment Incentives) Regulations 2021.

(2) These Regulations are deemed to have come into force on 1 August 2021.

Interpretation2.—(1) In these Regulations, unless the context otherwise requires—

“agro-processing” means the value addition activities that transform agricultural products or commodities into different forms for sale purposes;

“capital goods” means raw materials, capital equipment, plant, machinery, spare parts and any other goods employed in the production of other goods but does not include furniture or motor vehicles;

“commercial agricultural farming” means the large scale cultivation of agricultural produce or livestock farming for sale purposes;

385

“company” means a company registered under the Companies Act 2015;

“final approval” means the approval granted by the Minister under regulation 7;

“Minister” means the Minister responsible for finance;

“provisional approval” means the approval granted by the CEO under regulation 4;

“commercial agricultural farming and agro-processing business investment incentive” means the duty exemption under regulation 5 and the exemption of tax on income under regulation 9 for a commercial agricultural farming and agro-processing business established on or after 1 August 2021;

“product” means a product created through commercial agricultural farming and agro-processing by a commercial agricultural farming and agro-processing business; and

“project” means a project on or after 1 August 2021 for the establishment of a new commercial agricultural farming and agro-processing business building, factory, plant or farm that meets the minimum investment threshold under regulation 9 including the construction, renovation or refurbishment, of a building, factory, plant or farm.

PART 2—COMMERCIAL AGRICULTURAL FARMING AND AGRO-PROCESSING BUSINESS INVESTMENT INCENTIVE

Application for provisional approval 3.—(1) A person (“applicant”) may apply in writing to the Minister for provisional

approval of the proposed project.

(2) The application must set out and be supported by the following—

(a) the name and details of the applicant;

(b) if the applicant is a company, the names of all directors and shareholders, including the percentage of ownership of shares in the company;

(c) a current statement of all assets and liabilities of the applicant;

(d) the details of the product;

(e) the location and description of the project;

(f) a sketch plan showing the project, as applicable;

(g) the nature and extent of the project;

(h) the estimated cost of the project;

(i) if the project is to be carried out in stages, a description and the estimated cost, of each stage and details of the proposed timetable;

(j) evidence of the applicant’s ability to undertake the project;

(k) details of the proposed method of financing the project;

386

(l) estimates of the projected income from the project; and

(m) any other information the CEO may require.

Power to approve applications4.—(1) The CEO may—

(a) reject the application;

(b) approve the application, with or without any condition; or

(c) approve part of the application, with or without any condition, and reject other parts of the application.

(2) The CEO must take into account the following matters when determining an application under subregulation (1)—

(a) the ability of the applicant to undertake the project;

(b) the assets and liabilities of the applicant;

(c) the nature and extent of the project;

(d) the sustainability of the project;

(e) the potential contribution of the project and the proposed commercial agricultural farming and agro-processing business to the economy; and

(f) such other matters the CEO may consider relevant to the desirability of the project and the capability of the applicant to complete it.

(3) An applicant whose application has been rejected, including a partially rejected application, may—

(a) make a new application to the CEO;

(b) amend and resubmit the original application to the CEO; or

(c) appeal the decision of the CEO to the Minister.

Effect of provisional approval5.—(1) When provisional approval is granted, all capital goods, imported by or on

behalf of the applicant and used in the carrying out of the project, are exempt from all duties payable in respect of their importation.

(2) Before capital goods are imported by the applicant, it is a condition of importation that the applicant must first provide proof that such goods cannot be produced locally to the satisfaction of the CEO, who decides whether such goods are to be imported.

(3) Nothing in this regulation applies to any tax payable under the Value Added Tax Act 1991.

Completion of project6.—(1) An applicant that has been granted provisional approval must complete the

project within 24 months from the date on which the provisional approval was granted.

(2) Subject to the other provisions of this regulation, where an applicant has been granted provisional approval and has completed the project, the applicant may apply to the Minister for final approval.

387

(3) An application under subregulation (2) must be made in writing and be supported by the following—

(a) copies of invoices and the schedule of expenditure relating to the project;

(b) an approved plan showing the site, layout and surrounding areas of the project;

(c) proof of the successful production of the product;

(d) proof that the product meets the applicable standard; and

(e) a certificate of completion and permit to occupy issued by a building surveyor in accordance with the Public Health (Building) Regulations 1959, as applicable.

(4) Subject to regulation 7, the Minister must refuse to grant final approval if the applicant has failed to complete the project or has failed to comply with any condition upon which provisional approval was granted.

Final approval if completed7.—(1) An application for final approval must not be granted unless—

(a) the applicant produces a certificate of completion and permit to occupy issued by a building surveyor in accordance with the Public Health (Building) Regulations 1959, as applicable;

(b) the Minister is satisfied that the applicant has in all respects completed the requirements of the project;

(c) the Minister is satisfied that the product meets the applicable standard; and

(d) the project is fully completed.

(2) The CEO must notify the applicant in writing of the decision of the Minister made under subregulation (1).

Extension of time for completion 8.—(1) If a person to which provisional approval has been granted is unable to complete

the project within the period provided in regulation 6(1) due to unforeseen circumstances or some other act beyond the control of the person, the person may apply in writing to the Minister to extend the time by which the project must be completed.

(2) The application must be made within 30 days before the end of the time period provided in regulation 6(1).

(3) If the Minister extends the time under subregulation (1), the person continues to enjoy the duty free concession provided for by regulation 5 during the extended period.

Effect of final approval9. From the first day of commercial operation of the commercial agricultural farming

and agro-processing business or such other date as the Minister may specify, final approval entitles a person to the following tax exemption on the income of the business—

(a) in the case of a capital investment from $100,000 to $250,000, for a period of 5 consecutive fiscal years;

388

(b) in the case of a capital investment from $250,001 to $1,000,000, for a period of 10 consecutive fiscal years;

(c) in the case of a capital investment from $1,000,001 to $2,000,000, for a period of 15 consecutive fiscal years; and

(d) in the case of a capital investment of more than $2,000,000, for a period of 20 consecutive fiscal years.

Revocation of commercial agricultural farming and agro-processing business investment incentive10. The Minister may revoke the commercial agricultural farming and agro-processing

business investment incentive if the applicant—

(a) breaches any condition of provisional or final approval;

(b) fails to produce a product to the applicable standard;

(c) fails to comply with any of the requirements of these Regulations; or

(d) is convicted of an offence under any written law relating to taxation, customs or excise,

and any tax or duty foregone is payable.

Transferability of package11. If the person in respect of which a commercial agricultural farming and agro-

processing business investment incentive has been granted is a company and that company is sold or is to be sold, the purchaser or prospective purchaser may apply in writing to the Minister for the transfer to it of any remaining benefits of the commercial agricultural farming and agro-processing business investment incentive.

Specification of particular requirements12. The Minister may prescribe particular requirements under these Regulations

applicable to any particular area of Fiji.

Made this 3rd day of August 2021.

AIYAZ SAYED-KHAIYUMAttorney-General and Minister for Economy

[LEGAL NOTICE NO. 81]

INCOME TAX ACT 2015________

Income Tax (Subdivision of Land Incentives) (Amendment) (No. 3) Regulations 2021

IN exercise of the powers conferred on me by section 142 of the Income Tax Act 2015, I hereby make these Regulations—

Short title and commencement1.—(1) These Regulations may be cited as the Income Tax (Subdivision of Land

Incentives) (Amendment) (No. 3) Regulations 2021.

389

(2) These Regulations are deemed to have come into force on 1 August 2021.

(3) In these Regulations, the Income Tax (Subdivision of Land Incentives) Regulations 2020 is referred to as the “Principal Regulations”.

Regulation 2 amended2. Regulation 2 of the Principal Regulations is amended by—

(a) in the definition of “applicant”, deleting “investment allowance” and substituting “tax exemption on developer profits”;

(b) in the definition of “application”, deleting “investment allowance” and substituting “tax exemption on developer profits”; and

(c) in the definition of “subdivision of land investment package”, deleting “investment allowance and”.

Regulation 3 deleted3. The Principal Regulations are amended by deleting regulation 3.

Regulation 4 amended4. Regulation 4 of the Principal Regulations is amended by deleting subregulations (3)

and (4) and inserting the following new subregulation—

“(3) An applicant whose application has been rejected, including a partially rejected application, may—

(a) make a new application to the CEO;

(b) amend and resubmit the original application to the CEO; or

(c) appeal the decision of the CEO to the Minister.”.

Regulation 9 amended5. The Principal Regulations are amended by deleting regulation 9 and substituting the

following—

“Effect of final approval 9. If the Minister grants final approval, the income of the applicant is to be exempt from tax on developer profits derived from the subdivision of land investment.”.

Made this 3rd day of August 2021.

A. SAYED-KHAIYUMAttorney-General and Minister for Economy

390

[LEGAL NOTICE NO. 82]

INCOME TAX ACT 2015________

Income Tax (Hotel Investment Incentives) (Amendment) Regulations 2021

IN exercise of the powers conferred on me by section 25A of the Income Tax Act 2015, I hereby make these Regulations—

Short title and commencement1. —(1) These Regulations may be cited as the Income Tax (Hotel Investment Incentives)

(Amendment) Regulations 2021.

(2) These Regulations are deemed to have come into force on 1 August 2021.

(3) In these Regulations, the Income Tax (Hotel Investment Incentives) Regulations 2016 is referred to as the “Principal Regulations”.

Regulation 2 amended2. Regulation 2 of the Principal Regulations is amended by—

(a) in the definition of “provisional approval” after “Part 2”, inserting “or Part 3”; and

(b) deleting the definition of “short life investment” and substituting the following—

““short life investment” means—

(a) building of a new hotel or integrated tourism development with capital investment, (including the cost of support infrastructure and consultant fees but excluding the cost of land) over—

(i) $7,000,000, where the construction commences on or after 1 January 2009 and the construction is completed within 24 months from the date the provisional approval was granted; and

(ii) $250,000, where the construction commences on or after 1 April 2020 and the construction is completed within 24 months from the date the provisional approval was granted; or

(b) the refurbishment and renovation of an existing hotel with capital investment (including the cost of support infrastructure and consultant fees but excluding the cost of land) over $2,000,000, where provisional approval is granted on or after 1 August 2021; and”.

391

Regulation 5 amended3. Regulation 5 of the Principal Regulations is amended by deleting subregulations (4)

and (5) and inserting the following new subregulation—

“(4) An applicant whose application has been rejected, including a partially rejected application, may—

(a) make a new application to the CEO;

(b) amend and resubmit the original application to the CEO; or

(c) appeal the decision of the CEO to the Minister.”.

Regulation 7 amended4. Regulation 7(1) of the Principal Regulations is amended by deleting “commence”

and substituting “complete”.

Regulation 9 amended5. Regulation 9(1)(a) of the Principal Regulations is amended by deleting “25%” and

substituting “50%”.

Regulation 14 amended6. Regulation 14 of the Principal Regulations is amended by deleting subregulations

(4) and (5) and inserting the following new subregulation—

“(4) An applicant whose application has been rejected, including a partially rejected application, may—

(a) make a new application to the CEO;

(b) amend and resubmit the original application to the CEO; or

(c) appeal the decision of the CEO to the Minister.”.

Regulation 16 amended7. Regulation 16(1) of the Principal Regulations is amended by deleting “code” and

substituting “codes 235, 235A and”.

Regulation 17 amended8. Regulation 17(1) of the Principal Regulations is amended by deleting “commence”

and substituting “complete”.

Regulation 18 amended9. Regulation 18 of the Principal Regulations is amended by—

(a) in the heading, deleting “commencement” and substituting “completion”; and

(b) in subregulation (1)—

(i) after “unable to”, deleting “commence” and substituting “complete”; and

(ii) after “must”, deleting “commence” and substituting “be completed”.

392

Regulation 21 amended10. Regulation 21 of the Principal Regulations is amended by—

(a) in subregulation (2)—

(i) in paragraph (b), deleting “and”;

(ii) in paragraph (c), deleting “.” and substituting “;”; and

(iii) after paragraph (c), inserting the following new paragraphs—

“(d) from $2,000,001 to $40,000,000, in the case of a company that applies on or after 1 August 2021, for a period of 13 consecutive fiscal years; and

(e) more than $40,000,000, in the case of a company that applies on or after 1 August 2021, for a period of 20 consecutive fiscal years.”; and

(b) after subregulation (2), inserting the following new subregulation—

“(3) If final approval is granted under this Part to a company that applies on or after 1 August 2021 for refurbishment and renovation, the income of the company is exempt from tax on profits derived from the operation of the hotel if the capital investment in the hotel is more than $2,000,000 for a period of 5 consecutive fiscal years.”.

Made this 3rd day of August 2021.

A. SAYED-KHAIYUMAttorney-General and Minister for Economy

Price: $1.70 A. BAHADUR, SERENDIB INVESTMENT PTE LTD, (Government Printer), Suva, Fiji – 2021 125/FGGS/21—269Official Printer Since 2019