October 25, 2012

Landowners to pay less

Tevita Vuibau
Thursday, October 25, 2012

THE reduction in TLTB administration fees announced this week will result in landowners paying 2.5 cents less for every dollar of rent earned.

TLTB general manager Alipate Qetaki revealed to The Fiji Times specifics of the administration fees reduction expected to take effect on January 1 next year.

"Currently TLTB receives 15 per cent of all monies received from rent, so for each dollar of rent earned, TLTB gets 15 cents," Mr Qetaki said.

"What was announced will mean that TLTB will now receive 12.5 cents per dollar. We are talking about administration and management fees which are utilised to finance TLTB's operations under the operations budget."

As announced on Monday, the fees are expected to be cut by another 2.5 per cent in the next year which means landowners could be paying as little as 10 cents for every dollar earned.

Mr Qetaki said there were about 36,000 iTaukei leases registered with landowners and paid on a fixed timeframe.

"Landowners in Fiji are paid on a monthly basis to their trustees bank accounts. That is if there are funds paid in for leases on their land."

Mr Qetaki earlier said the new reductions would result in the TLTB foregoing about $800,000 in income. However, he remained adamant this would not affect the TLTB, stating instead the organisation was more efficient.

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