Published On: Thu, Sep 12th, 2019
Published in Category: Peshawar

FBR to probe investment in real estate sector to satisfy FATF

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Peshawar: The Federal Board of Revenue (FBR) has decided to probe trillions of rupees investments in real estate sector in order to satisfy Financial Action Task Force (FATF) against money laundering and terror financing.

It is pertinent to mention here that terror financing and money laundering are two major concerns of Financial Action Task Force (FATF) and Islamabad has been putting efforts to satisfy over its performance against money launders and terror financers.

The sources said that the decision has been taken to remove FATF graveness. The investigation would be launched in all four provinces of the country.

A report of this inquiry will be presented in the meeting of FATF before October 30. The meeting will be held Paris, capital of France and Pakistan will try to convince FATF against black business in real estate market.

Enforcement department of Inland Service officials said in the first phase the record of billions of rupees investments in the real estate sector of past two decades will be collected from Khyber-Pakhtunkhwa. After that notices will be issued to those who were not registered earlier in the tax net. In the notification, they will be asked their sources of income and fro where they brought that investment.

If they failed to give response they will be charged between Rs3.1 to Rs3.7 million in term of income tax in order to make their black money white. There are chances that 10 percent to 40 percent fine will separately be received for their registration into amnesty scheme.

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