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NOCs Issuance by FBR Bars to Non-Registered Housing Societies

According to a March 1 news report, the Federal Board of Revenue (FBR) has restricted the issue of no-objection certificates (NOCs)/approvals/permissions to unregistered real estate development bodies or housing societies.

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According to the facts, the board has forbidden Public Sector Development Departments/authorities from issuing NOCs to real estate development authorities or housing societies that are not registered as a Designated Non-Financial Business and Profession with the Financial Conduct Authority (DNFBP).

The board cited the 2010 Anti-Money Laundering Act, which grants it the jurisdiction to license/register DNFBPs, put limits on their activities, and issue directions in compliance with the relevant provisions of the legislation.

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The purpose of the new regulation is to strengthen the adversary of tax evasion and curb the financing of psychological oppression systems in the nation. In addition to being registered in DNFBP, the regulation stipulates that the specialists and social orders must also have an identified or designated AIVIL/CFT Compliance Officer.

Stay tuned with Al Sadat Marketing for updates.

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Few more real estate housing schemes which are trending now a days in Islamabad by including: Faisal Town Phase 2Prism Town Gujar KhanNew City ParadiseEighteen Islamabad7 Wonders City IslamabadCapital Smart City,  Silver City IslamabadThe Life Residencia,  Faisal Town IslamabadIslamabad Golf CityIslamabad Model Town and Marble Arch Enclave.

Al Sadat Marketing is an emerging Real Estate Agency headquartered in Islamabad, Pakistan. With over 10+ Years of experience, Al Sadat Marketing is providing its services and dealing all trending housing societies projects in different cities of Pakistan. Islamabad Projects, Rawalpindi Projects, Gujar Khan Projects, Burhan Projects, and Peshawar Projects etc.

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Syed Sadat Hussain Shah

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