Islamabad: The Federal Board of Revenue (FBR) has directed the real estate agents, developers, and builders to register before January 1, 2022, in order to continue their business operations, according to news published on Monday (November 29).
As per the notification issued, the FBR has imposed this condition on all cooperative housing societies, real estate development authorities, and all other schemes, firms, and housing societies.
Under the Anti-Money Laundering Act, 2010, FBR is empowered to issue license to or register its reporting entities (R0s), specifically, Designated Non-Financial Businesses and Professions (DNFBPs) and impose a condition on any activities by DNFBPs to prevent offences of money laundering, predicate offences or financing of terrorism through the issuance of directions or imposing conditions under the relevant provisions of the Anti-Money Laundering Act, 2010.
According to the tax department, no private or public development authority should conduct the business activity with the unregistered real estate agent for the transfer or registration of immovable property. In case of any violation of the said condition, legal action will be taken against the agents.
Moreover, the said condition will be applicable to real estate agents dealing or registered with the cooperative housing societies, housing authorities, development authorities, and other housing schemes dealing in land development (for commercial and residential purposes), sale, purchase, construction, or transfer of ownership rights.