Designated Non-Financial Businesses and Professions (DNFBPs) do not require renewal of registration each year to operate, clarified a statement issued by the Federal Board of Revenue (FBR).
The FATF includes DNFBPs as real estate agents, jewelers, accountants, lawyers, notaries, other independent legal professionals and others.
The statement has been issued to address a number of queries received by the FBR regarding the renewal process of the registration.
FBR statement read, “It is hereby clarified that any entity once registered as DNFBP with FBR continues to hold registration unless de-registered by FBR and that there is no need for renewal of the registration each year.”
FBR further instructed that DNFBPs, which decide to discontinue business, must inform the respective Directorate of DNFBPs. They can discontinue their operations after a verification process.
Nevertheless, the development authorities and housing schemes have to verify their status through the FBR portal.
The approval to allow DNFBPs to operate without the renewal of registration had been demanded by the Financial Action Task Force (FATF). Experts say that the government is taking major steps to prepare for the onsite visit of the FATF team expected in October.
The country is looking to be removed from FATF’s grey list and it has taken several measures to meet the conditions set by the Taskforce. Recently, the government has proposed to establish four new Anti Benami Zones in Hyderabad, Multan, Faisalabad, and Peshawar. In addition, there has been major shuffling in the higher positions with the recent deputation of two more Customs officers of BS-19 for assisting the on-site visit. Earlier, a senior officer of BS-20 was also deputed for this purpose.