FBR Designates DG DNFBPs to Hear Appeals Against Sanctions

The Federal Board of Revenue (FBR) has designated the Director-General of Designated Non-Financial Business and Professions (DNFBPs) as the Appellate Body for hearing of appeals against the sanctions imposed, including monetary and administrative penalties on real estate developers/builders, jewelers, and accountants.

Through a notification issued by the FBR on Monday, the real estate agents, housing authorities, real estate developers/builders, property dealers, jewelers/gem dealers, and accountants can file their appeals before the forum of Director General DNFBPs against the sanctions imposed, including a monetary and administrative penalty, by officers of the Directorate General of DNFBPs.

According to the notification, in the exercise of powers conferred under section 6A of the Anti-Money Laundering Act, 2010 read with clause 1(iii) of Schedule IV to the said Act, S.R.O.924(I)/2020 dated September 29, 2020, S.R.O.950(I)/2020 dated October 1, 2020, and S.R.O.1319(I)/2020 dated December 10, 2020; the Federal Board of Revenue is pleased to designate Director-General DNFBPs as the Appellate Body for the appeals against the sanctions imposed, including the monetary and administrative penalty, by officers of the Directorate General of DNFBPs.


ALSO READ

FBR to Introduce Strict Measures to Stop Tax Evasion by Multinational Companies


The Appellate Body shall dispose of the appeals in accordance with the above Rules/Regulations on the subject.

The said body will perform functions strictly in accordance with Rule-8 of the Rules promulgated vide S.R.O.950(I)/2020 dated October 1, 2020, and will further ensure that the Appellate Body is not involved in passing the original sanction orders, FBR added.

The FBR has empowered officials of the Directorate General of Designated Non-Financial Business and Professions (DNFBPs) to exercise powers of the Anti-Money Laundering Act 2010 to take action against real estate agents, housing authorities, real estate developers/builders, property dealers, jewelers/gem dealers, and accountants involved in money laundering/suspicious transactions.

Under the AML Act, the said officials would have the authority to exercise the following powers and functions with respect to its reporting entities including licensing or registration of reporting entities; imposing any conditions to conduct any activities by reporting entities to prevent the offense of money laundering, predicate offense or financing of terrorism and issuing regulations, directions and guidelines.

The officials of the Directorate General of Designated Non-Financial Business and Professions (DNFBPs) would be empowered to carry out monitoring and supervising, including conducting inspections; compelling production of information relevant to monitoring compliance; impose sanctions, including monetary and administrative penalties to the extent and in the manners as may be prescribed, upon their respective reporting entity, including its directors and senior management and officers.

The Directors, Additional Directors, Deputy Directors, Assistant Directors, and Inland Revenue Audit Officers, Inland Revenue Officers, Superintendents, and Deputy Superintendents Inland Revenue, Senior Auditors Inland Revenue, Inspectors Inland Revenue and officers of Inland Revenue with any other designation of the Directorate General DNFBPs shall be subordinate to the Director-General DNFBPs.

The Additional Directors, Deputy Directors, Assistant Directors, and Inland Revenue Audit Officers, Inland Revenue Officers, Superintendents, and Deputy Superintendents Inland Revenue, Senior Auditors Inland Revenue, Inspectors Inland Revenue and officers of Inland Revenue with any other designation of Directorate General DNFBPs shall be subordinate to the Director, DNFBPs within whose jurisdiction they perform their functions.


ALSO READ

FBR Begins Planning of Budget FY 2021-22


Under the jurisdiction and powers of officers of the Directorate General DNFBPs, subject to the provisions of these regulations Director General, Directors, Additional Directors, Deputy Directors, Assistant Directors, and other officers of Directorate General of DNFBPs specified shall exercise such powers and perform such functions under the provisions of the Anti-Money Laundering Act, 2010 and rules and regulations made thereunder and shall have jurisdiction in respect of such DNFBPs or such areas as specified.



close
>