ISLAMABAD: The Federal Board of Revenue (FBR) on Wednesday said the benami law, aimed at confiscating all properties and bank accounts that would not be registered with the name of real owner, has been implemented, ARY News reported.
The FBR said cases would be prepared against benami properties after thorough investigation.
An adjudicating authority will also be formed to decide the cases falling under the purview of the new law. It said the decisions announced by the adjudicating authority could be challenged before an appellate tribunal.
Under the law, benami properties would be confiscated for a period of ninety days.
Read: Cabinet to approve rules of ‘Benami law’
Besides, the seized property could also be auctioned following verdict of the appellate tribunal.
The FBR said commissioners of Islamabad and Karachi have been empowered to take action any properties in the benami law.
The new law will be implemented from February 2017.
Last month, member Inland Revenue Policy, Federal Board of Revenue (FBR) Hamid Ateeq Server had said that benami law was a very harsh law under which the government would confiscate all properties if they are not registered with the name of real owner.
He had said the Benami Act was passed in January, 2017.
The FBR member had said the law would act hard on those who register their properties, bank accounts, or vehicles on other beneficiaries’ name in order to evade taxes.
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