FBR launches crackdown against benami assets in Punjab

LAHORE: Federal Bureau of Revenue (FBR) on Friday launched crackdown against benami (undeclared) properties and vehicles in Punjab province, ARY NEWS reported.

According to the tax collection authority, a benami property is one which is a subject matter of benami transaction and includes proceeds from such a property.

According to the FBR Inspector Muhammad Waseem, raids were carried out in Lahore and Faisalabad areas of the province to confiscate undeclared properties and vehicles.

“Properties worth Rs 150 million were confiscated in Faisalabad,” said the inspector without elaborating the number of properties.

He further said that three benami vehicles were also recovered from Lahore.

On October 18, over 300 people have been shortlisted by the FBR in Islamabad, for holding benami (undeclared) properties of over 150 kanal.

As per details, the district administration has prepared preliminary report in which 300 people have been named for holding undeclared properties of over 150 kanal.

Sources privy to the development said, the details of the persons have been forwarded to the Federal Board of Revenue. The bureau will take action against the persons named in the list after investigation of their assets and income.

The references will be registered against the persons, who will be found guilt.