ISLAMABAD: The Federal Board of Revenue (FBR) will launch a new portal for the real estate sector, jewelers, and accountants, on December 11 for registration of individuals/units with the Directorate General of Designated Non-Financial Business and Professions (DNFBPs) to monitor and regulate their business activities.
Sources told Business Recorder here on Tuesday that a special web-portal would be launched by the Directorate General (DNFBPs) for those categories of businesses. The portal would be available on the FBR website on December 11.
In this connection, the FBR has started an awareness campaign to educate these sectors for registration and documentation with the Directorate General of the DNFBPs. The meetings have been held between the officials and concerned sectors to facilitate these sectors in complying with the relevant regulations.
According to sources, all jewellers, accountants, and developers/builders are required to register with the Portal of Directorate General (DNFBPs), irrespective of the fact that they are already registered with the sales tax or income tax departments.
Under the Anti-Money Laundering Act, 2010, the DNFBPs covers real estate agents, including housing authorities, builders, real estate developers, and property dealers; dealers in precious metals and precious stones, including jewelers and gem dealers; lawyers, notaries, other legal professionals, accountants, trusts, and company service providers etc.
The FBR has decided to completely document business of real estate agents and jewellers, who will be required to maintain a record of actual beneficial owners of immovable properties and jewellery, respectively, and report all suspicious transactions of their buyers/sellers to the FBR.
Under the monitoring and compliance provisions, the record to be maintained and furnished by the real estate agents/jewelers shall be subject to spot inspection by income tax authorities, who may be assisted by other law enforcement agencies. Where the record is not maintained in the prescribed form, the business licence of the real estate agents/jewelers shall be suspended forthwith, pending further investigation into the matter.
Copyright Business Recorder, 2020