Islamabad: The Federal Board of Revenue (FBR) has issued a Statutory Regulatory Order (SRO) to regulate the transactions carried out with the help of real estate agents — according to a news source published on October 8. The SRO had been issued at the end of last month and makes it mandatory for all property agents to keep and provide an updated record of all sale and purchase transactions to the tax authority.
According to the details available, the SRO 924(1)/2020 further binds the real estate agents to perform customer due diligence. In August, the FBR had also issued SRO 773(1)/2020 that required banks to report all payments worth PKR 1 million or more, or deposits worth PKR 10 million or more, in a single month.
The SRO 924(1)/2020 additionally allows the FBR to conduct on-site inspections if required. Both the SROs have been issued as a part of the efforts made by Pakistani authorities to meet the Financial Action Task Force (FATF) requirements that are aimed at curbing money laundering and terror financing.
