ARTICLE · 10 JUNE 2011

Fiji Introduces a Capital Gains Tax

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Fiji has introduced a capital gains tax.

AustraliaTax

Anthony McFarlane

Fiji has introduced a capital gains tax ("CGT") on disposals of capital assets. The Capital Gains Tax Decree 2011 (Fiji) ("CGT Decree") comes into force from 1 May 2011 and applies to capital gains arising on the disposal of capital assets on or after that date.

A person liable for CGT in respect of a capital asset disposal must file a capital gains tax return ("CGT Return") within 30 days after the disposal of the capital asset. The CGT is payable at the same time of filing the CGT Return.The rate of CGT payable is 10% which is applied against the capital gain arising on disposal. Non-resident individuals, companies, trusts and partnerships will be caught under Fiji's CGT regime if the capital asset being disposed is a "Fiji Asset" as defined under section 2 of the CGT Decree ("Fiji Asset") unless the capital gain is "an exempt capital gain" under section 7 of the CGT Decree.

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