FBR exempts developers and builders from annual registration renewal

News sources said that on Wednesday, August 17, the Federal Board of Revenue (FBR) sent out a notice saying that developers and builders don’t have to renew their registration with the board every year.

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All development authorities, cooperative housing schemes, and societies that are registered with the FBR as Designated Non-Financial Businesses and Professions (DNFBPs) can keep working.

The FBR says that a DNFBP registration stays in effect until the FBR takes it away. There is no need to renew the registration every year. When a DNFBP stops doing business, it must tell the right Directorate of the DNFBPs, which will de-register the business if there is enough proof.

It is important to remember that the government required all real estate brokers and developers to register with FBR as DNFBR. This was done so that real estate wouldn’t be used for illegal activities, as recommended by the Financial Action Task Force (FATF).