Tuesday 24 November 2015
Stamp duty increase in Fiji
The Fijian government has introduced a new stamp duty tax when recording assignments of trade marks in Fiji. Effective from 1 January 2016, it will be necessary to pay 3% of the value of the Fijian trade mark as stamp duty when recording an assignment of the registration for that trade mark. The new owner will also be required to submit evidence of the estimated value of the Fijian trade mark.
The new requirements will be imposed by the Fijian Revenue and Customs Authority. They are a significant move away from the current recordal process in Fiji and introduce a significant level of complexity.
Firstly, valuing a Fijian trade mark registration will be difficult.
Secondly, no guidance is provided on the type of evidence needed to support an estimated value of the Fijian trade mark registrations.
If you are planning to assign your trade mark registrations in Fiji, then we suggest these recordals be submitted as soon as possible to avoid the additional costs that will be imposed by the Fijian authorities from 1 January 2016.
If you have any questions, please contact us.