ISLAMABAD: The Federal Board of Revenue (FBR) has directed all real estate agents to get registered with the authority as Designated Non-Financial Businesses and Professions (DNFBPs) under the Anti Money Laundering Act 2010 (AMLA 2010).
A Registration Certificate will be issued to all real estate agents after completing the process by the FBR.
This notification has been issued for all housing schemes, development authorities, cooperative housing authorities, and real estate agents to transfer or register immovable property. Furthermore, the policy compels the real estate agents to share the data of buyers and sellers and issue Suspicious Transaction Report (STRs) for those found buying estate assets beyond their means.
In addition, the revenue board also notified increased the valuation rates of immovable property, including commercial, residential, apartments, flats and other areas from 100 per cent to 600 per cent for 40 major cities including Abbottabad, Attock, Bahawalpur, Bhawalnagar, Chakwal, DG Khan, DI Khan , Faisalabad, Ghotki, Gujrat, Gujranwala, Gwadar, Hyderabad, Hafizabad, Khushab, Lahore, Larkana, Lasbella, Mandi Bhauddin, Islamabad, Jhang, Jheleum, Karachi, Kasur, Manshera, Mardan, Narowal, Peshawar, Quetta, Rahim Yar Khan, Mirpurkhas, Multan, Nankana, Rawalpindi, Sahiwal, Sheikhupura, Sialkot, Sukkur, Sargodha, and Toba Tek Singh.
This step has been accorded to enhance tax collection from the real estate sector.
It merits mentioning that Pakistan may be the only country where there are three types of property valuation – DC rates, FBR rates, and those that are present on the ground.
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