The Federal Board of Revenue (FBR) on Monday directed the public sector development departments not to issue NOC to real estate development authorities or housing society (commercial/residential) unless the applicant is registered with FBR as a Designated Non-Financial Business and Profession (DNFBP).
According to the guidelines, FBR has imposed the below mentioned condition on all the public sector development departments to strengthen the anti-money laundering act and counter the financing of terrorism.
“No public sector development department shall provide any NOC/approval/permission to any kind of real estate development authority or housing society (commercial/residential) unless the applicant is registered with the FBR as a Designated Non-Financial Business and Profession (DNFBP) and has also appointed or nominated compliance officer,” the guidelines stated.
The public sector development department shall also ensure that previously approved real estate authorities or societies falling in their respective jurisdiction and currently in business are registered with FBR as DNFBPs and have appointed or nominated compliance officers.
The public sector development departments shall immediately issue instructions to the staff concerned and respective housing authorities or societies for registration with FBR as DNFBPs and appointment or nomination of compliance officers without fail.
The real estate development authorities or societies may also be informed to obtain registration certificates from the concerned director, once registered as DNFBP. This condition comes into effect on March 15, 2022.
