FBR commands Departments not to issue NOC to Housing Schemes in case of Non Registration with DNFBP

On Monday, The Federal Board of Revenue (FBR) commanded the concerned public departments not to issue NOC to housing schemes, whether commercial or residential, in case of non-registration of with Designated Non-Financial Business & Profession (DNFBP).

FBR has now imposed several new conditions to restrain money laundering in the real estate sector as Pakistan is in the list of grey list of Financial Action Task Force (FATF) since 2018. FATF is imposing new conditions on the public institutions of Pakistan to curb money laundering and the menace of terror financing in real estate.

According to the notification issued by the FBR, the real estate builders and developers would have to apply in FBR for registration and clearance of the residential and commercial projects. Following this, the authorities will investigate the registration application and announced its verdict under the new conditions.

The housing schemes once registered will obtain registration certificates from the relevant director. On March 15, 2022, this condition will come into effect.

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