ISLAMABAD: Following the Financial Action Task Force’s (FATF) decision to extend the deadline for Pakistan to complete its 27-point action plan, the Federal Board of Revenue (FBR) is determined to step up monitoring of real estate, gems and jewellery sectors.
Implementation of rules in the aforementioned areas will reportedly take place in a few days in a bid to curb money laundering and terrorism financing.
The recommended rules will be applicable to housing authorities or sub-registrar offices where property exchanges are attested. The property agents will, however, be exempted from these rules.
In order to address the concerns of terror financing parked in the real estate sector, revision of the provinces’ valuation table rates to bring them closer to the market value is also under consideration.
“We have asked the provinces to revise DC rates closer to market value,” said a senior FBR official, who further said that the tax rates would be decreased to counterbalance its tax impact.
For more news and blogs, visit Graana Blog.
Kalabagh, a small yet historically significant town in Pakistan’s Punjab province, is located within the…
Nazimabad Number 2 is a well-known neighbourhood in Karachi, Pakistan, renowned for its vibrant community,…
Quetta Town is a residential neighbourhood located in the vibrant city of Karachi, Pakistan. Known…
Akbar Chowk in Lahore stands as one of the city’s most critical intersections, serving as…
Khuda Baksh Colony, located near Bhatta Chowk in Lahore, is a rapidly developing residential area…
Gol Market in Karachi is one of the city's most iconic and bustling commercial centres.…
Welcome to Graana Blog - Pakistan’s Smartest Property Portal!
For more than a decade our intention has been to revolutionise the real estate industry in Pakistan. The same belief drove the vision of our real estate team, Graana where quality beats quantity.
We have introduced an extremely transparent and purposeful portal where we will help you buy, rent or sell your property. A place where you can sit back relax and let us market your projects and listings. We believe we have set new standards for the future of real estate in Pakistan by providing the smartest property portal.
