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SPSE Welcomes 2010 Budget

27/11/2009
 
PRESS RELEASE
 
SPSE WELCOMES 2010 BUDGET
 
The South Pacific Stock Exchange (SPSE) welcomes the Government’s 2010 Budget announcement as a genuine effort by the Government to foster the development of the overall capital markets in the region.
 
SPSE Chief Executive Officer, Ms Jinita Prasad said “it is very encouraging to see that listed companies will be subjected to a reduced corporate tax rate of 20% in 2010, provided the companies have more than 40% local equity shareholding.” She further added whilst companies have to meet certain compliance requirements in order to become a publicly listed company, this tax incentive will more than compensate for the cost of listing and ongoing compliance. As such, this is a major incentive for the local private companies to consider their option to list.”
 
The tax incentive provides an immediate benefit to majority owners of private companies to list on the official board of the Exchange. The SPSE welcomes such listing and notes that it will benefit all of Fiji, since it encourages greater transparency and accountability by companies to shareholders. Furthermore, benefit of this tax incentive will flow through to all the shareholders including the “mums and dads” who have invested in these companies, which will benefit the entire country’s economy. The SPSE expects that this tax incentive will create a wave amongst private companies to reconsider listing on the SPSE and will work with other capital markets professionals to encourage companies to take advantage of this opportunity.
 
Ms Prasad also acknowledged the continued support of the Government to the Exchange in terms of the grant received. “This allocation from Government allows the Exchange to sustain itself while continuing its development. The grant also allows the Exchange to carry out a number of stock market development initiatives amongst which are the introduction of an electronic trading platform and continued investor education programs”.
 
Should you require any further information on this issue, please do not hesitate to contact us.
 
 
 
Jinita Prasad                    
Chief Executive                 
27/11/2009
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