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Businesses will pay less tax in 2010, 3 percent down from last year.
In his 2010 Budget Address today, Prime Minister Commodore Voreqe Bainimarama said corporate tax will drop by 1 per cent to 28 per cent next year.
This year the tax was 29 percent, compared to 31 per cent in 2008.
In addition, he said that 9200 taxpayers will pay less tax from next year, following the remedying of anomalies to the resident income tax rate giving them stronger spending power that will boost the economy.
For people earning between $150,001 to $15,600, tax payable will be 25 percent of excess over $15,000.
In the $15,601-$22,000 bracket, tax payable will be $150 plus 31 percent of excess over $15,600.
In the $22,000 plus category, tax payable will be $2,134 plus 31 percent of excess over $22,000.
