{"id":61955,"date":"2020-02-26T15:35:28","date_gmt":"2020-02-26T10:35:28","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=61955"},"modified":"2020-02-27T10:51:47","modified_gmt":"2020-02-27T05:51:47","slug":"fbr-monitor-real-estate-jewellery-transactions","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-monitor-real-estate-jewellery-transactions.html","title":{"rendered":"FBR to monitor real estate, jewellery transactions to curb terror financing under FATF regulations"},"content":{"rendered":"\n<p>Islamabad: The Federal Board of Revenue (FBR) has announced its decision to implement new rules \u2013 as part of the Financial Action Task Force (<a href=\"https:\/\/www.zameen.com\/news\/fbr-enforce-fatf-recommended-measures.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"FATF (opens in a new tab)\">FATF<\/a>)\u2019s recommendations \u2013 in an effort to regularise jewellery and real estate transactions in the country, according to news sources. <\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/pakistan-successfully-defends-compliance-fatf.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Pakistan successfully defends compliance before FATF (opens in a new tab)\">Pakistan successfully defends compliance before FATF<\/a><\/p>\n\n\n\n<p>To\nthis effect, the taxation agency will scrutinise gems, precious jewellery and property\ntransactions to curb money-laundering and combating terror financing. Moreover,\nit is expected to act as a focal organization to regulate income tax consultants.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p> <strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-forms-fatf-cell-to-curb-money-laundering-meet-action-plan.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"FBR forms FATF Cell to curb money laundering, meet action plan (opens in a new tab)\">FBR forms FATF Cell to curb money laundering, meet action plan<\/a><\/p>\n\n\n\n<p>In\nthe housing sector, the recommended rules will be applicable to sub-registrar\noffices or housing authorities, where property exchanges are finalised. The\nreal estate agents are excluded from the implementation of these rules. <\/p>\n\n\n\n<p>According\nto reports, the government is also mulling to convince provincial authorities\nto revise the valuation table rates\/DC rates, making them closer to the market\nvalue. An FBR official stated that the tax rates would be decreased to balance\nthe tax impact of this attempt.<\/p>\n\n\n\n<p>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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) has announced its decision to implement new rules \u2013 as part of the Financial Action Task Force (FATF)\u2019s recommendations \u2013 in an effort to regularise jewellery and real estate transactions in the country, according to news sources. Read: Pakistan successfully defends compliance before FATF 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. Read: FBR forms FATF Cell to curb money laundering, meet action plan 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&hellip;<\/p>\n","protected":false},"author":75,"featured_media":61403,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[21009,21008,21007,21020,21010],"persona":[],"class_list":{"0":"post-61955","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-anti-money-laundering","9":"tag-fatf-regulations","10":"tag-fbr-to-monitor-real-estate-jewellery-transactions-to-curb-terror-financing-under-fatf-regulations","11":"tag-real-estate-transactions","12":"tag-terror-financing","13":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FBR to monitor real estate, jewellery transactions - Zameen News<\/title>\n<meta name=\"description\" content=\"FBR has decided to implement new rules \u2013 as part of the FATF\u2019s recommendations \u2013 in an effort to regularise jewellery and real estate transactions\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/fbr-monitor-real-estate-jewellery-transactions.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR to monitor real estate, jewellery transactions - Zameen News\" \/>\n<meta property=\"og:description\" content=\"FBR has decided to implement new rules \u2013 as part of the FATF\u2019s recommendations \u2013 in an effort to regularise jewellery and real estate transactions\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/fbr-monitor-real-estate-jewellery-transactions.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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