ProPropertyNewsFBR Exempts Builders and Developers from Renewing their Annual Registrations

FBR Exempts Builders and Developers from Renewing their Annual Registrations

Federal Board of Revenue (FBR) on Wednesday (August 17) issued a notification exempting developers and builders from renewing their licenses with the authority every year.

All development authorities, cooperative housing schemes, and societies registered with the FBR as Designated Non-Financial Businesses and Professions (DNFBPs) have been allowed to continue operations without having to renew their licenses.

Any entity that has been registered with the FBR as a DNFBP is said to retain its registration until the FBR deregisters it, and the registration does not need to be renewed annually.

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When a DNFBP stops operating, it must inform the relevant DNFBP Directorate, which will then de-register the companies after conducting adequate verification.

It is important to note that in order to prevent the use of real estate for illegal activities in accordance with Financial Action Task Force (FATF) guidelines, the government required all real estate brokers and developers to register with FBR as DNFBR.

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