ISLAMABAD: All property transactions including buying and selling, worth Rs2 million or above are to be reported, as per the directive issued by the Federal Board of Revenue (FBR) to comply with Finance Action Task Force (FATF).
Real estate builders, developers and agents are to file a currency transaction report (CTR) on any purchase worth Rs2 million or above. However, any transaction through banks for this purpose is not required to be reported, it was further clarified.
These directives are aimed to fulfil the conditions of the FATF.
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