FBR to serve notices to owners of benami properties

LAHORE: The Federal Board of Revenue (FBR) has decided to issue notices to the owners of benami properties, ARY News reported on Tuesday.

The FBR officials have gathered data of 45 people owning benami properties in Lahore, sources said.

The benami law, aimed at the properties and bank accounts that would not be registered with the name of the real owner.

The names of the owners of the benami properties, being served notices, will not be disclosed, FBR sources said.

FBR officials claimed that these people own palatial houses, precious properties and luxury vehicles. They travel foreign countries several times in a year.

The authorities have collected data of their life style and shopping in overseas.

Those found to have benami properties will be served notices in phases and will be offered opportunity to defend them, officials said.

Earlier, the FBR said that cases would be prepared against benami properties after thorough investigation.

An adjudicating authority was also formed to decide the cases falling under the purview of the benami law and the decisions of the adjudicating authority could be challenged before an appellate tribunal.

The benami law implemented with effect from February 2017.

The law would act hard on those who register their properties, bank accounts, or vehicles on other beneficiaries’ name in order to evade taxes.