Islamabad: According to reports released on Monday, the Federal Board of Revenue (FBR) has urged real estate agents, developers, and builders to register by January 1, 2022, in order to maintain their business operations (November 29).
The FBR has placed this obligation on all cooperative housing societies, real estate development authorities, and other schemes, enterprises, and housing societies, according to the notification.
FBR is empowered under the Anti-Money Laundering Act, 2010 to issue licences to or register its reporting entities (R0s), specifically Designated Non-Financial Businesses and Professions (DNFBPs), and to impose conditions on any activities by DNFBPs to prevent money laundering, predicate offences, or terrorism financing through the issuance of directions or imposing conditions under the relevant provisions of the Act.
No private or public development body shall conduct business with an unlicensed real estate agent for the transfer or registration of immovable property, according to the tax department. In the event that the agents violate the stated condition, legal action will be taken against them.
Furthermore, real estate agents dealing or registered with 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 will be subject to the said condition.