ISLAMABAD: The Federal Board of Revenue (FBR) has barred Public Sector Development Departments/authorities from issuing any NOC/approval/permission to real estate development authorities or housing societies unless the applicant is a Designated Non-Financial Business and Profession with the Federal Board of Revenue (DNFBP).
Condition No. 2 (2022) for Public Sector Development Departments/ Authorities was issued by the FBR on Monday.
According to the FBR, the Anti-Money Laundering Act of 2010 (AML Act) enables the FBR to license or register Designated Non-Financial Businesses and Professions (DNFBPs), impose limits on the DNFBPs’ conduct of certain activities, and provide instructions regarding the AML Act’s relevant sections.
