ISLAMABAD: Designated Non-Financial Business and Profession (DNFBP) registration is mandatory for real estate development authorities and housing societies – both commercial and residential to acquire NOCs, announced the Federal Board of Revenue (FBR).
“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 notification stated.
Effective from March 15, 2022, the condition has been imposed on all the public sector development departments to comply with the conditions of the FATF’s anti-money laundering act.
The notification further instructed the public sector development departments to issue the relevant orders immediately and appoint or nominate compliance officers without fail.
In addition, the public sector development department has also been directed to ensure the registration of all real estate authorities and housing societies – previously approved to be registered as DNFBPs with FBR and have appointed or nominated compliance officers.
All real estate development authorities and housing societies can collect registration certificates from the concerned director once registered as DNFBP.
For news and blogs, visit Graana.com.
Islamabad: The chairman of the Capital Development Authority (CDA) and Chief Commissioner Islamabad, Muhammad Ali…
Peshawar: The Khyber Pakhtunkhwa government is exploring plans to construct a 31-kilometre outer ring road…
Islamabad: The National Highway Authority (NHA) has spent more than half of its development budget…
Karachi: A high-level meeting chaired by Sindh Minister for Local Government Syed Nasir Hussain Shah…
Riyadh: Saudi Real Estate Co. (Al Akaria) has signed a long-term lease agreement with Amsa…
Rawalpindi: The divisional administration has begun acquiring land for the Rs5 billion Thalian Interchange, a…
Welcome to Graana Blog - Pakistan’s Smartest Property Portal!
For more than a decade our intention has been to revolutionise the real estate industry in Pakistan. The same belief drove the vision of our real estate team, Graana where quality beats quantity.
We have introduced an extremely transparent and purposeful portal where we will help you buy, rent or sell your property. A place where you can sit back relax and let us market your projects and listings. We believe we have set new standards for the future of real estate in Pakistan by providing the smartest property portal.
