Islamabad: The Federal Board of Revenue (FBR) has announced its decision to implement new rules – as part of the Financial Action Task Force (FATF)’s recommendations – in an effort to regularise jewellery and real estate transactions in the country, according to news sources.
To
this effect, the taxation agency will scrutinise gems, precious jewellery and property
transactions to curb money-laundering and combating terror financing. Moreover,
it is expected to act as a focal organization to regulate income tax consultants.
Jewellers across the country will be required to document their transactions. These records will be shared with FBR through a comprehensive system, following the issuance of a notification to this effect. Further, these individuals will be asked to report huge transactions (bulk sale/purchase of precious metals and stones). Presently, FBR has details of some 30,000 jewellers across Pakistan.
In
the housing sector, the recommended rules will be applicable to sub-registrar
offices or housing authorities, where property exchanges are finalised. The
real estate agents are excluded from the implementation of these rules.
According
to reports, the government is also mulling to convince provincial authorities
to revise the valuation table rates/DC rates, making them closer to the market
value. An FBR official stated that the tax rates would be decreased to balance
the tax impact of this attempt.
Furthermore, the law division and the Securities and Exchange Commission of Pakistan (SECP) will monitor the services of chartered accountants and lawyers. The FBR spokesperson and Member Policy Dr Hamid Ateeq said that the taxation agency had forwarded the new regulations to the law division for vetting.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
