FNPF, REALB formalise MoU to address compliance

FNPF chief executive Jaoji Koroi and REALB acting CEO Virisila Tuimanu at the signing yesterday. Picture: SUPPLIED

ONGOING compliance issues pertaining to the real estate industry are expected to come to an end after a partnership between the Real Estate Agents Licensing Board and the Fiji National Provident Fund was formalised yesterday.

The Memorandum of Understanding was signed by FNPF chief executive officer Jaoji Koroi and Acting CEO of the REALB Virisila Tuimanu.

In a statement, Mr Koroi said even though the FNPF Act 2011 was clear on the income that were FNPF deductible, there was lack of compliance among the industry.

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

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

The MOU is effective from Wednesday, August 8.