Real Estate companies will need to pay deductions: Koroi
July 5, 2018 7:24 pm
Real Estate companies are concerned that they have to back pay their agents mandatory ten percent FNPF deductions from 2012.
President of the Real Estate Association Vyas Deo Sharma says if this happens, most companies will face financial difficulty.
Meanwhile, FNPF’s Chief Executive Jaoji Koroi says the law requires deductions to be paid and it has to be done backdated to 2012.
“The law requires payment of contribution on commission earned from sale of real estate assets, so that is required under the law. Some real estate firms have started making arrangements and payments.”
Legislation regarding mandatory payment of FNPF deductions for real estate sales agents has been in effect since 2012.