Real Estate Amnesty Scheme to Face Audit

Real Estate Amnesty Scheme to Face Audit

Islamabad: The Federal Government of Pakistan has planned to audit the completion certificates, which were submitted by the developers and builders. These are the entities who benefited from such schemes in the term of the previous government. The Federal Board of Revenue (FBR) has also notified the chartered accountancy companies after their quality control review by the Institute of Chartered Accountants in Pakistan (ICAP). Because, these beneficiaries were mandated to verify their certificates from chartered accountancy companies and this recent scrutiny is being carried out because the authorities believe that the verification requirements were not fulfilled.
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According to the sources, the beneficiaries of the amnesty scheme were given leniency not to be asked for the background of their declared finances. In short, the builders and developers who availed the amnesty schemes were exempted from revealing their fiscal sources.

According to the previous amnesty scheme, the beneficiaries were mandated to acquire certificates from the National Services Pakistan (NESPAK) about the completion of road infrastructure for a minimum of commercial and residential projects.
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Furthermore, it is pertinent to mention that the builders and developers, whose` certificates are verified will keep getting relief. And action will be taken against the entities not fulfilling the requirements.
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