The Real Estate Agents Licensing Board (REALB) recently organized two successful Talanoa sessions in the Central and Western Division last week.
The initial Talanoa Session occurred at the Albert Park Pavilion Hall, attracting 35 attendees.
The subsequent session, was also held at the Grand West Villas in Nadi, saw 33 participants.
These events aimed to enhance community engagement and awareness, demonstrating the organization's dedication to transparency, education, and responsiveness to public inquiries.
The Talanoa sessions featured Mr. Vilimone Nailotei, Senior Manager of Taxpayer Education at the Fiji Revenue and Customs Service (FRCS), as a guest speaker.
“In any tax administration around the world, whatever happens, registration, declaration which includes finding, declaring the correct amount of income and declaration in terms of in accordance with the law, this is what every tax administration whether you are in the US, South America or Africa,” Mr Nailotei said.
“These processes include tax payments and crucial record-keeping requirements, which are essential in any tax administration.”
Mr Nailotei added in terms of different business structures, for a sole trader, the TIN of owner is also TIN of business, for partnerships, 2 or more individual owner (s), the TIN of the partners are separate from the TIN of the partnership.
“It’s important for you to note that under the new tax information system, the TIN of the partner is separate from the TIN of the partnership,” he explained.
“For company, 1 or more individual (s), the TIN of the shareholders are separate from the TIN of the company.”
Mr. Nailotei further emphasized the pivotal role of VAT, highlighting its contribution to almost 50 percent of the government's projected revenue for the current fiscal year. Regarding registration, businesses have the option to register voluntarily for sales below 100,000, with the decision resting with the owner or company. Conversely, businesses must mandatorily register for VAT if their sales exceed 100,000.
Several other topics discussed during the Talanoa Sessions included:
• Fringe Benefit Tax
• Provisional Tax
• Value Added Tax
Moreover, REALB also organized two roadshows, one in Nadi Town and another in Navua Town.
At the roadshow, the REALB team interacted with the community through the distribution of informative brochures. These materials clarified their roles and responsibilities in the real estate sector, including the recent repeal of the 2 percent commission cap.
The initiative was designed to educate the public about industry dynamics, regulations, and the services provided by the Real Estate Agents Licensing Board.
In July, as part of their continuous community engagement efforts, the REALB team will host their final Talanoa session in Savusavu and conduct a roadshow in Labasa, aiming to educate and inform local residents.
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