Lahore: The Federal Board of Revenue (FBR) has issued a public notice directing public and private development authorities to conduct real estate-related transactions through FBR-registered Designated Non-Financial Business and Profession (DNFBP), according to a post on the DHA’s official Facebook page on December 13.
According to the public notification, the condition will go into force on January 1, 2022. As per the notification, no public or private development authority shall conduct business with any real estate agent for the transfer or registration of immovable property unless the said real estate agent is registered with FBR as DNFBP.
It is worth noting that the FBR initiated the effort to register realtors to regularise real estate transactions. In this regard, realtors have been designated as DNFBPs, which will report any suspicious activity to FBR, which has already integrated the system with NADRA for a thorough evaluation of the purchaser or seller. According to the authorities, the move was taken in accordance with an agreement with the Financial Action Task Force (FATF) to fight money laundering and to reduce funding for illicit activities.
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.
