According to FBR officials, the federal government has decided that now all Real Estate Agents and Property Dealers will submit all the details of property purchases to FBR.
The government has also decided that purchasing the property will only be possible by registered property dealers in the FBR. Apart from this, payment for property purchasing will be done through a bank account instead of cash.
The Property Dealer who is registered at FBR will be checked from the unlisted list of property purchases by the FBR exclusively introduced application so that people involved in money laundering can be identified.
Recently, A meeting was organized between all the real estate associations and the Federal Board of Revenue at their Headquarters in Islamabad. The meeting was conducted by the chairman of the Federal Board of Revenue, Dr. Muhammad Ashfaq, who presented new rules and regulations with real estate associates under the presence of Designated Non-Financial Businesses and Professions (DNFBPs), Mr. Mohammad Iqbal, Mr. Ejaz Khan, and Sardar Tahir, who are the Chairman and President of United Federation of Real Estate Pakistan, and other officeholders from the real estate associations of all the provinces of Pakistan have participated in the meeting.
Chairman FBR, Dr, Ashfaq Ahmed in his introductory words of speech addressed all the Designated Non-Financial Businesses and Professions (DNFBPs) and Office bearers to link their real estate businesses with FBR to bring transparency in all real estate transactions and maintain a government log for these transactions in case of money laundering or illegal money trails.
Then the further discussion started in this meeting on the implementation and procedures that will support these new terms and conditions. Officials and Designated Non-Financial Businesses and Professions (DNFBPs) from the real estate sector asked questions related to issues on implementing FBR rules. On this occasion, the Designated Non-Financial Businesses and Professions (DNFBPs) were guided that soon FBR will issue short guidelines and customer-related forms both in Urdu and English for their convenience. These forms will be presented to real estate customers and concerned parties, these forms pertain list of short questions, real estate agents will be guiding the customers and concerned parties in filling up those forms to avoid errors or misrepresentation of information. The Designated Non-Financial Businesses and Professions (DNFBPs) and officials will soon be getting these forms and official notices at their offices as in the soft copy of these terms and conditions with other documents attached, which will assist with the entry of information required in the questionnaire. The FBR will continue the inspection of real estate businesses soon to ensure the implementation of this new policy.
The FBR further discussed plans and all the upcoming policies with real estate associates regarding IT-related frauds and biometric implementation in Real Estate of all the Provinces of Pakistan. In the end, Entire Real Estate Association thanked Ejaz Khan, Sardar Tahir, Ahsan Malik, and others, and hoped that the DNFPs will follow this new protocol against money laundering and aims to prevent financial scams.