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The Fiji Export Council is urging local exporters to take advantage of the Duty Suspension Scheme or DSS to help them ease their cash flow in an environment of escalating costs.
Council president Jo Taoi told Fiji Live a growing number of exporters are taking advantage of the scheme, although there was still a very low awareness level on it at this stage.
“If you are a member of the DSS, you actually do not pay for the fiscal duty or the VAT. So that itself translates into cash flow; so instead of paying, exporters save and they can use whatever they’re saving to translate into maybe improving their packaging or finding out more about market opportunities, or they can use these funds in the operating costs of a business. So the DSS is basically a credit scheme of the forecasted cost of imports against your exports,” Taoi said.
He said so far, the scheme has 50 members but efforts were being made by the Council to create more awareness on it and also on other services being offered by the council.
“I think one of the limitations that we have is the lack of awareness, not just on the DSS but also on what the Council is about. We have just launched a website as a measure to address that, and we will also be conducting a promotional program together with the FTIB in Labasa hopefully in the next couple of weeks,” Taoi said.
This is in line with the declaration by government in 2006 of Vanua Levu as a tax free zone for Fiji, in a bid to attract more investment into that area.
Taoi said the Council is expected to hold its first ever annual symposium early next year as part of efforts to increase its visibility to the business community.
“In the symposium, we will be promoting the benefits of joining the Fiji Export Council and the benefits that come with it, one of which is the DSS scheme,” he said.
Under DSS, exporters could enjoy up to 30 percent discount on the cost of duty of imported raw materials, provided these raw materials contribute in the making of the manufactured goods that are exported, Taoi said.
