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.
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.
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.
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