FBR sets up structure to implement Benami Act

ISLAMABAD: The Federal Board of Revenue (FBR) has set up administrative structure to implement Benami Act, 2017 and an adjudicating authority is being formed to take action against Benami holders of bank accounts/asset with effect from July 1, 2019.

The FBR does not have expertise to implement Benami law in Pakistan so they will have to face practical problems after making this law operational after expiry of deadline of ongoing tax amnesty scheme. Tax amnesty scheme will expire on June 30, 2019. Now the FBR has started making arrangements to place the required administrative structure to implement the Benami law which is going to become operational from first day of the next financial year with effect from July 1, 2019.

The FBR in an official statement said on Thursday that final preparations were underway to implement Benami law.

The Benami Transactions (Prohibition) Act, 2017 has become operative since March, 2019. The FBR is the focal authority under this Act. The matter of proper implementation of Benami Transactions (Prohibition) Act, 2017 will be monitored by the chairman.

Administrative structure has been set up to implement Benami Act, 2017. In this regard, an adjudicating authority is being formed and Benami zones are being established, which will become effective very soon. Initially, Benami zones will be established in three big stations, Karachi, Lahore and Islamabad.

A person can avail Assets Declaration Ordinance, 2019 before June 30 if he has not declared Benami properties yet. In case of non-compliance, he will be held accountable under Benami Act, 2017. Nausheen Javaid Amjad, Member Taxpayers Audit, FBR, Islamabad is the National Coordinator for implementation of Benami Transactions (Prohibition) Act, 2017.