ISLAMABAD – The Federal Board of Revenue (FBR) has identified over 70 real estate agents allegedly involved in remitting US dollars to the UAE through Hundi/Hawala, fueling recent pressure on the exchange rate, The News has learned.
Key Points:
- Illegal Transfers: Millions of dollars converted from the open market were allegedly sent to Dubai/UAE for real estate investments.
- FBR Investigation: A list of real estate agents engaged in these practices has been prepared, signaling a mega financial scandal.
- Government Action Needed: Further investigations by FIA and other authorities are required.
- Property Sector’s Response: Real estate tycoons warned that investment may shift abroad if the government increases tax rates and raises the no-question-asked limit under the proposed Tax Laws Amendment Bill 2024.
- Routine Practice?: Industry insiders claim funds have been transferred via exchange companies for years due to lack of income source verification in Dubai’s property market.
The FBR has been given a two-month deadline to develop an app allowing voluntary changes in declared asset values. Meanwhile, real estate representatives urge the government to reduce property taxes to curb capital flight and discourage illegal dollar transfers.
