1998/1999 BUDGET
NUKU'ALOFA, Tonga (May 31, 1998 - PACNEWS)---Tonga's Minister of Finance, Tutoatasi Fakafanua, last week presented Tonga's proposed 1998/1999 national budget of 129 million pa'nga ($US 80. 4 million) to the Legislative Assembly.
Of the total, 97 million pa'anga ($US 60.5 million) constitutes cash expenditures, while the remaining 32 million pa'anga ($US 19.9 million) represents in kind expenditures, Radio Tonga reports.
According to Fakafanua, a key feature of the new budget is the beginning of a series of tax-tariff reforms to be implemented over several years.
The long-term objective is to shift major government revenue collection from a focus on import duties to a broad based sales tax, in efforts to encourage further private sector business development.
Among the new fiscal policies for 1998/1999 will be a 50 percent reduction in import duty on all petroleum products, to lessen local business operating costs.
Other tax...