Information in relation to buying and selling of properties will now be monitored by the Fiji Revenue Customs Authority.
This follows an MOU signed between FRCA and the Real Estate Licensing Board which will exchange vital tax information.
FRCA Acting CEO Visvanath Das says the MOU will also identify the number of registered Real Estate agent in the country.
Das says this will also ensure that FRCA get some real time data on the number of properties that are sold and whether it gets reflected in the tax collection for
that particular month.
FRCA also says in most countries the real estate sector has been branded as a sector used to facilitate tax fraud and money laundering. This includes generating and investing unreported income.
In Fiji there have been few cases where large amount of cash has been used to purchase properties.
The sources of these funds are also unknown and with this MOU FRCA will now request for all these information from the Real Estate Licensing Board.