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CUSTOMER SERVICE – NEW PAY AS YOU EARN (PAYE) STRUCTURE

Dear Valued Customers

In line with the changes announced in the 2023-2024 National Budget on June 30, 2023, we wish to update you on the following amendments regarding Pay As You Earn (PAYE):

  • The Social Responsibility Tax (SRT) will now be integrated into the PAYE tax bracket.
  • Effective from January 1, 2024, there will be a 5% reduction for PAYE income tax brackets exceeding $270,000 as follows:

 

Chargeable Income ($)

Resident Individual

Non-Resident Individual

Income Tax ($)

Income Tax ($)

0 – 30,000

Nil

20% of excess over $0

30,001 – 50,000

18% of excess over $30,000

$6,000 + 20% of excess over $30,000

50,001 – 270,000

$3,600 + 20% of excess over $50,000

$10,000 + 20% of excess over $50,000

270,001-300,000

$47,600 + 33% of excess over $270,000

$54,000 + 33% of excess over $270,000

300,001-350,000

$57,500 + 34% of excess over $300,000

$63,900 + 34% of excess over $300,000

350,001- 400,000

$74,500 + 35% of excess over $350,000

$80,900 + 35% of excess over $350,000

400,001- 450,000

$92,000 + 36% of excess over $400,000

$98,400 + 36% of excess over $400,000

450,001- 500,000

$110,000 + 37% of excess over $450,000

$116,400 + 37% of excess over $450,000

500,001 – 1,000,000

$128,500 + 38% of excess over $500,000

$134,900 + 38% of excess over $500,000

1,000,001 +

$318,500 + 39% of excess over $1,000,000

$324,900 + 39% of excess over $1,000,000

 

The updated 2024 PAYE Regulation 6 Formula, Calculator for Individuals and the new Excel filing template for 2024 with the excluded SRT and Environment & Climate Adaptation Levy (ECAL) can be accessed on this Link:

 

For more information, please call us on 3243000 or 1326 or email: payevalidation@frcs.org.fj

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