Wednesday, 18 December 2024
Trending
How to Check and Verify Vehicle Ownership | Car Registration Online Check 8009 Nadra family verification system | 8009 Nadra online check | 8009 sms Nadra Apple IPhone XS Max PTA and Import TAX in Pakistan | Non PTA price in Pakistan 1500 Prize Bond Draw List 15 August 2022 Lesco Bill Check Online 2022 | How to Get Lesco Duplicate Bill Online 750 Prize Bond List 2022 | Prize Bond Schedule 2022 How to Check Number of Mobile SIMs Issued Against Your CNIC Prize Bond 750 list 2022 | Prize Bond Schedule 2022 200 Prize Bond Draw List 2022 15th March 2022 – Prize Bond Draw Schedule Dates and Results 2022 Imported LNG prices for gas companies increased Pakistani exporters trying to capture Chinese meat market FBR issued list of business sectors for mandatory income tax integration Tax returns from Karachi city low-income areas surprisingly on top Taxation of gifts in Pakistan FATF awarded another lifeline to Pakistan Which persons require to submit income tax returns ? Staff required/Jobs Alert: Tax Manager, Tax Specialist, Tax Analyst China launches 6G satellite: We are still on 4G Dubai Mall, launched VAT refund kiosks IRS refund status FBR disposed off cases without audit: Notices Issued FBR clarification: good news for overseas Pakistanis for taking exemption from tax on profit on bank deposits FBR launched online module for Greenfield investors status registration State bank issued list of chartered accountants firms for audit of banks Prices of all petroleum products increased: A New Year gift FBR allowed to taxpayers to file settlement application for agreed assessment FBR formed committee to improve Income Tax Return forms Tax audit of Rahat Fateh Ali Khan resumed on information of secret bank accounts Telecom sector tax share increases 129% in FY20: PTA FBR considering proposals to tax benefit to non-resident or overseas Pakistanis Corruption in Pakistan increased more than Afghanistan: Transparency International reveals Sales Tax Relief by Punjab Revenue Authority FBR will launch a track and trace system by July 2021 Income Tax Returns Filing Reached at Top Sales Tax Amendment: FBR to recover arrears through bank account attachment Track and Trace System: Contract signed between FBR and AJCL Naya Pakistan LDA Apartments: Bank of Punjab & LDA Sign Deal State Bank of Pakistan maintains Monetary Policy Rate unchanged at 7pc Soneri Bank declares Rs2,400m profit after tax FBR Exempts Judicial Allowance by Honoring Court Judgment FBR and Provincial Revenue Authorities sign MoU on Single Portal and Return for Sales Tax FATF's condition fulfilled, 15000 and 7500 Prize Bonds to be abolished Chairman FBR Inaugurates Anti-Benami Adjudicating Authority Secretariat Rs. 100 Prize Bond Draw Result & List Dated 17 May 2021 FBR Issues Clarification on Excessive Charge of Duties & Taxes on Mobile Phones Govt called for the National Assembly session on June 11 to present the budget Income Tax Returns Filing for Tax Year 2020 Reaches 2.93m Bad News for Salaried & Retired Employees in Upcoming Budget Government Seeks to Impose tax on Suspicious Gifts transactions among Relatives FBR field offices to remain open till midnight on 30th June
Anti-Money-Laundering
TAXATION

Cash paid for immovable property required to be reported under anti money laundering and counter terrorism financing : FBR

By

Every cash transaction for sale or purchase of housing units worth more than Rs. 2 million must be reported under Anti Money Laundering (AML) / Counter Terrorism Financing (CFT). To comply with the requirements of Financial Action Task Force (FATF). The Federal Board of Revenue (FBR) instructed on Monday. Real estate agents (REAs) have to comply with the requirements of the AML and Counter Financing of Terrorism (CFT) era.

ALSO READ: Anti money laundering Act: monitoring of Jewelers, real estate agents and accountants under strict regulations.

The FBR said that a Currency Transaction Report (CTR) needs to be submitted. When a developer receives cash or bearer instruments of Rs 2 million or more for the sale of real estate. The developer sells directly to the buyer and receives a direct cash payment. Similarly, a developer pays Rs 2 million in cash and more to buy real estate e.g. Property developers or builders pay for the purchase of development property.

Similarly, a broker receives or pays Rs 2 million or more to use later in the purchase of immovable property. A broker is a buyer’s agent who collects cash for later deposits and / or settlement payments (receipts or the resulting use may meet the threshold of CTR). However, if all financial transactions are by wire transfer, the real estate agent will not be required to file a CTR. If the REA pays the sales staff in cash, or to a supplier, or to purchase an asset such as a motor vehicle, it will not be subject to filing a CTR as no transaction of immovable property.

See also  No representation without taxation

The FBR said the reason is that the REAs are subject to FATF standards and the AML / CFT measures are aimed at raising funds from criminal activities due to the large amount of involvement of the real estate sector. Real estate can also involve in financing terrorism because terrorist groups can buy or sell immovable property. There is a definition of REA under both AMLA and AML / CFT regulations, as follows:

Top-Tax-Consultants-Lahore-Pakistan-Global-Tax-Consultants
A d v e r t i s e m e n t

Anti money laundering Act, Section 2. Specifications (xii) (a)

(a) real estate agents, including builders and real estate developers, when performing the prescribed activities in the prescribed circumstances and manner;

-FBR AML/CFT Regulations for DNFBPs in Section 2.Definitions (n):

(n) “Real Estate Agent” includes builders, real estate developers and property brokers and dealers when execute a purchase and sale of a real property, participate in a real estate transaction capacity and are exercising professional transnational activity for undertaking real property transfer;

See also  No More Extension in Filing Tax Return 2023 in Pakistan

Source

tax-accounting-services-top-tax-consultants-lahore-pakistan
Ads:

LATEST POSTS

PREVIOUS POSTS

See also  What is the New Tax Deadline for 2022 Pakistan

Tax-news-in-urdu
www.TaxUrdu.com
Newsletter
Subscribe Now

Sign up for  Daily Digest and get the best of News for you.

[contact-form-7 id="11414" title="Contact form 1"]

Tax.net.pk - Your Tax Experts and Consultants

Welcome to Tax.net.pk

Providing Expert Tax Services for Individuals and Businesses

About Us

At Tax.net.pk, we are dedicated to providing comprehensive tax solutions tailored to meet the needs of individuals and businesses. With years of experience in the industry, our team of tax experts is equipped to handle various tax matters, including tax planning, preparation of tax returns, and compliance.

We strive to stay up-to-date with the latest tax laws and regulations, ensuring that our clients receive accurate and reliable advice. Our commitment to client satisfaction and our in-depth knowledge of the tax landscape make us the trusted choice for all your tax-related needs.

Contact Us

For inquiries or to schedule a consultation, please reach out to us: