Any increase or decrease in tariff rates become effective at midnight of the night the budget is delivered.
Attorney General and Minister for Economy, Aiyaz Sayed-Khaiyum made this comments at the Budget Roadshow held at Vunimono High School while responding to a concern raised about traders increasing the prices of items as soon as the budget is announced while prices that were supposed to be reduced remain the same.
Sayed-Khaiyum says sometimes, when the duty on items are reduced, the benefits are not passed onto the consumers.
Sayed-Khaiyum says the Economic Intelligence Unit is working with the Commerce Commission to ensure that traders are charging the correct price.
He says they will be going around in the next few weeks to ensure that reduction in duties have been passed onto consumers.
Sayed-Khaiyum says that they now have the ability to charge businesses who can’t provide a good cause as to why the prices have not been reduced.ADVERTISEMENT Listen to the latest news on our 5 radio stations Legend FM, Viti FM, Radio Sargam, FM96 and Navtarang.