FBR to tighten noose around real estate, gems and jewellery sectors

ISLAMABAD: In a bid to comply with recommendations of the Financial Action Task Force (FATF), the Federal Board of Revenue (FBR) will tighten noose around  real estate, gems and jewellery sectors by implementing new tough rules in the next few days to combat chances of terror financing, a local newspaper reported. 

After a review meeting in Paris, the Financial Action Task Force (FATF) decided to keep Pakistan in the grey list for four more months and “strongly urged” Pakistan to “swiftly complete” its full action plan by June 2020.

READ MORE: At least dozen laws will be amended to meet FATF requirements

The new rules will be applicable to housing authorities or sub-registrar offices. However, property agents will not be affected. Under the new rules, provinces will be asked to revise DC rates of property. 

It has also been learnt that the FBR will also act as a focal organisation to monitor services of income tax practitioners. The Law Division and the Securities and Exchange Commission of Pakistan (SECP) will monitor the services of lawyers and chartered accountants. According to new rules, FBR will place a system where jewellers will share records of transactions with the bureau. They will report to FBR about buying or selling of gold beyond a certain limit and dubious transactions and will also submit a special return form to to the FBR.