Real estate agents urged to ensure compliance with FRCS

June 18, 2024 4:57 pm

Real estate agents were reminded today of the importance of compliance, particularly in relation to tax implication with the Fiji Revenue and Customs Service.

A talanoa session was organized by the Real Estate Agents Licensing Board in collaboration with FRCS, focusing on the tax implications for the sector.

REALB’s Compliance and Monitoring Officer Vinal Singh spoke about the importance of understanding and fulfilling tax obligations.

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“Today’s session for our agents were on the tax implications so from FRCS side on the conduct of our agents business and in terms of what are the different types of taxation, they can be charged and the lodgment details and also why there are delays on them getting the tax compliance certificates.”

FRCS Manager Tax Payer Education Filimoni Nailote also addressed the issue of tax compliance certificates during the session.

“Tax compliance certificate by FRCS, if you tax affairs are satisfactory, up to date with your conditions, you are up to date with your returns, if you have tax arrears, you have arrangement that is in place and you are honoring the arrangement while you apply for tax compliance certificate. Reasons for issues around tax compliance certificate is you do not have tax time to pay arrangement, the other one is your lodgments are not, if you are have a company the directors must be complaint also.”

These sessions, initiated by REALB since last year, aims to advance the sector, which contributes approximately $287 million annually to the economy.