Registered developers, builders: FBR says annual renewal of registration not needed

ISLAMABAD: The Federal Board of Revenue (FBR) has directed all registered developers and builders that there is no need for annual renewal of their registration with the FBR.

The Directorate General of Designated Non-Financial Business and Professions (DNFBPs) on Tuesday issued instructions to all development authorities, cooperative housing schemes, and societies.

The FBR’s instructions to the developers and builders revealed that a number of queries have been received by the Directorate General DNFBPs that whether the DNFBPs once registered with the FBR do need a renewal of the registration each year.

FBR has played key role

Any entity once registered as DNFBP with FBR continues to hold the registration unless deregistered by the FBR and there is no need for renewal of the registration each year. The DNFBP which discontinues business has to inform the respective Directorate of the DNFBPs, which shall be de-registered subject to necessary verification, the FBR maintained.

However, all concerned development authorities/housing schemes or societies must verify their status of the registration through the FBR web portal, the FBR’s instructions added.

Copyright Business Recorder, 2022