Available Options under FBR Amnesty
Those who are owners or buyers of a building, or own a unit in a building, may avail themselves of the current amnesty in respect of the purchase price of a building or unit under the following conditions:
For New Projects registered with FBR under Section 100D of the Income Tax Ordinance, 2001:
A person wishing to take advantage of the amnesty must make a full payment through the banking channel (cross-bank instrument only) for the projects registered with FBR from the initial date of the project until 31.st March 2023.
For Existing Projects affiliated with FBR under Section 100D of the Income Tax Ordinance, 2001
For existing projects registered with FBR, full or balanced payment must be paid through the banking channel (Cross Bank instrument only) from the initial registration date until 31.st March 2023.
Process Recording
Prior to taking advantage of the amnesty, FBR made it mandatory for the buyer to register with the regulatory authority. The registration process is as follows:
- Log in to FBR’s IRIS portal
- Click the registration tab and select the buyer’s option. A registration form will appear.
- At the far right, click on the ‘+’ icon and an information box will appear on the screen.
- Enter the details of an Existing / New project including the name and NTN of the project
- Enter the purchase price, transfer date and location
- Again, click the ‘+’ sign in the far right
- Next, enter the details related to the payment instrument
- Click ‘Next’ and do not enter any data. Continue by clicking ‘Next’.
- In the next step, an add-on tab will open and click on the ‘+’ sign.
- Attach all relevant documents (FBR rates of the relevant area, Map Approval, Delivery / Agreement for Sale)
- Click Finish
- Go to Control Tab, enter PIN and confirm.
- Click ‘Submit’ and the registration process will be complete.
Conditionality
- According to the FBR, money invested and derived from the commission of criminal offenses including Terrible Finance, Money Laundering, and Blackmail will lead to the buyer’s disqualification from utilizing the amnesty scheme.
- However, money not derived from the commission of criminal offenses, and not declared under the Income Tax Ordinance, 2001 may be invested, is exempt and enjoys immunity from Section 111.
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