Islamabad: The Federal Board of Revenue (FBR) has announced its decision to introduce a new web portal facility for individuals associated with the real estate, jewellery, and accountancy sectors in the country, a news source reported on December 9.
According to the details revealed, the taxation agency will launch said utility on December 11 in a bid to assist the Directorate General of Designated Non-Financial Business and Professions (DNFBPs) in monitoring and regulating business activities taking place in the above-mentioned sectors.
To facilitate this measure, FBR officials have already commenced with a campaign to guide the individuals concerned on the registration and documentation process of the Directorate General of Designated Non-Financial Business and Professions (DNFBPs). As per the FBR directives, all developers/builders, jewelers and accountants are required to get themselves registered on the DNFBPs portal.
Moreover, the taxation agency has asked these individuals to maintain separate record sheets of actual owners of immovable properties and jewellery and report all suspicious transactions to the FBR. The compilation shall be subject to sport inspection by income tax authorities and incumbents who fail to comply with said directives shall face suspension/cancellation of their business licenses.
