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The 12.5 percent Value Added Tax (VAT) will be levied on general insurance in Fiji, Prime Minister and Minister for Finance Commodore Voreqe Bainimarama has announced in revisions to the 2010 Budget.
“To augment the VAT net, the 12.5 percent VAT will be levied on genera insurance with the exception of medical, term life and workers compensation,” said Bainimarama.
“The imposition of VAT on general insurance is consistent with practices in jurisdictions such as Australia and New Zealand,” he said.
