Islamabad: The Federal Board of Revenue (FBR) on Wednesday (August 17) issued a notification sparing developers and builders from annually renewing their registration with the authority, news sources reported.
According to the FBR, any entity registered as a DNFBP with the FBR retains its registration until the FBR deregisters it, and there is no need to renew the registration each year. The DNFBP that ceases operations must notify the appropriate Directorate of the DNFBPs, who will de-register the said businesses, subject to sufficient verification.
It is vital to note that the government required all real estate brokers and developers to register with FBR as DNFBR to discourage the use of real estate for unlawful operations under Financial Action Task Force (FATF) guidelines.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
