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Koroi: Real Estate Firms Ignorant of FNPF Law

Koroi: Real Estate Firms Ignorant of FNPF Law
From left: Fiji National Provident Fund chief executive officer Jaoji Koroi and Real Estate Agents Licencing Board acting CEO Virisila Tuimanu signing the Memorandum of Understanding on August 8, 2018. Photo: Fiji National Provident Fund
August 09
11:20 2018

A partnership between the Fiji National Provident Fund (FNPF) and the Real Estate Agents Licencing Board (REALB) was formalised yesterday with the signing of a memorandum of understanding (MoU).

The MoU was signed by FNPFchief executive officer (CEO) Jaoji Koroi and acting CEO of the REALB Virisila Tuimanu.

The MoU establishes a commitment from FNPF and REALB to address ongoing compliance issues pertaining to the real estate industry.

Mr Koroi said there was a general lack of compliance amongst real estate companies even though the FNPF Act 2011 is clear on the income that was FNPF deductible.

“This partnership will address these compliance issues which have existed ever since the FNPF Act was passed in November 2011,” Mr Koroi said.

“The law applies to everyone and these companies’ ignorance of the law is not an excuse for non- compliance.”

The MoU allows FNPF to access information of members involved in the real estate company’s dealings.

“These companies cannot continue to claim that they are unaware of their responsibilities because there has been a lot of awareness on this issue,” Mr Koroi said.

“If there are difficulties they are facing, then they can talk to our contributions, collections and compliance teams to work out a solution.”

The Real Estate Agent’s Licencing Board is aware of the various statutory obligations the real estate agents have and they have to comply with the carrying out of their business activities.

FNPF compliance is an important part of these various obligations.

REALB will work closely with FNPF to address compliance on the part of agents and salespersons.

The MOU is effective from Wednesday 8 August 2018.

Fiji National Provident Fund/Real Estate Agents Licencing Board

Feedback:  maraia.vula@fijisun.com.fj

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