Landowners will get more money from their leased land after Prime Minister Voreqe Bainimarama today announced a reduction by 5 per cent in the poundage paid to the iTaukei Land Trust Board (TLTB).
This will mean that by 2013, landowners will get in excess of $800,000 more than what they are currently getting due to the reduction in this administrative cost levied by the landlord, the TLTB.
“Today, I can announce that the administrative fees charged by TLTB will be reduced by 2.5 per cent effective January 1, 2013. It is expected that these will be reduced a further 2.5 per cent later in the year, equalling an effective 5 per cent drop in 2013,” Prime Minister Bainimarama said.
He made this announcement as he opened the Annual TLTB Strategic Corporate Planning workshop at Warwick Resort this morning, adding that this will mean more money in the hands of all landowners.
At the same time, the head of Government reiterated the commitment his Government made in 2009 to the landowners that landownership system will remain and native title of land will not be converted to any other form of ownership.
“I pledged that my Government would work with the iTaukei landowners to ensure that they get a fair return on their land when they lease it; that the distribution of the lease monies was carried out on an equitable basis so that all iTaukei benefit, not just a select few,” Prime Minister Bainimarama said.
TLTB general manager Alipate Qetaki while welcoming the announcement by the Prime Minister, said this was very good news for the landowners and they will be looking forward to 2013.
“The TLTB receives or deducts 15 per cent from all the income collected to go to the TLTB for poundage which is for the TLTB operations and expenditure cost for that particular year,” he explained.
Mr Qetaki said the first reduction will become effective from January 1, 2013 while the second reduction will be in place from July 2013.
He said going on the figures of 2012, the TLTB will be forgoing an estimated $800,000 a year which will now go directly to the landowners.