Fiji's Cabinet has approved a Capital Gains Tax decree as announced in its 2011 National Budget.
Fiji Live reports the interim Attorney General Aiyaz Sayed-Khaiyum has made submissions to cabinet highlighting that the tax will apply to capital gains from the disposal of assets on or after 1st May 2011.
In a government statement, Mr Sayed-Khaiyum said this will ensure that all gains from the disposal of capital assets will be taxable at a rate of 10 per cent.
Capital assets that will be covered under the new tax include land, a structural improvement to land, or an interest in land, including a lease; a vessel of over 100 tonnage, including yachts.
It also covers shares, securities, equities, or other financial assets; an intangible asset; an interest in a partnership or trust; an airplane, helicopter or other aircraft.
