FBR to implement real estate rules as per FATF action plan

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.

invest with imarat

Islamabad’s emerging city centre

Learn More

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.

Maham Tahir

Recent Posts

Kashmir House: A Guesthouse for Kashmir Government Officials

Located in the heart of Islamabad, Kashmir House serves as a prestigious guesthouse for officials…

2 days ago

Baghbanpura Bazar: A Historic Market in Lahore

Lahore, known as Pakistan's cultural and historic heart, is home to numerous ancient sites, bustling…

2 days ago

Garha Mor: A Notable Landmark in Vehari City

Garha Mor, a notable landmark in Vehari, Punjab, Pakistan, is significant in its location, accessibility,…

4 days ago

Aslam Market Wah Cantt: Pleasure of Shopping & Dinning

Located in the center of Wah Cantt, Aslam Market is a vibrant commercial hub that…

5 days ago

Abid Market Lahore: An Iconic Shopping Landmark

Located in the bustling heart of Lahore, Abid Market is a landmark shopping area well…

6 days ago

CDA Chairman Urges Rapid Completion of Major Islamabad Interchanges

ISLAMABAD, Nov 16 (APP): The Chairman of the Capital Development Authority (CDA), Muhammad Ali Randhawa,…

6 days ago