Special teams of tax officials of the Federal Board of Revenue (FBR) have started full scope online inspections of the offices of jewelers and developers/builders in Islamabad and Rawalpindi under the Anti-Money Laundering Act, 2010.
The Directorate General of Designated Non-Financial Business and Professions (DNFBPs) has issued notices to the developers/builders and jewelers for online inspections of the offices under the Anti-Money Laundering Act, 2010.
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The agency has deputed teams of tax officials to visit the offices of the developers and builders for full-scope online inspections, and the inspections of records would be conducted in other cities of the country as well.
The notices served to the developers and builders revealed that the agency has directed the developers and builders to submit the ‘data files of the entity’s client base’ and other documents, including the buyers and sellers of properties.
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The notices also warned that non-cooperation will result in punitive action against the developers and builders under the Anti-Money Laundering Act, 2010, and other actions under rules and regulations.
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Authored and reviewed by the corporate law and tax litigation practice group at Javid Law Associates. Our team comprises High Court advocates, corporate legal advisors, and authorized tax practitioners across Pakistan.
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