The Federal Board of Revenue (FBR) has set up administrative structure to implement Benami Act, 2017 and the adjudicating authority has been constituted to take action against Benami holders of bank accounts or properties with effect from July 1, 2019 (tomorrow).
He said he was giving an assurance to those intending to declare their assets under the current scheme that they would never face any difficulty in future due to this sharing of the data with the FBR.
The assets whitened by Pakistanis in UAE, accounting for over one-third (34.5 per cent) of the total whitened foreign assets in the Assets Declaration Scheme, the paper said.
The government of Prime Minister Imran Khan has launched the tax amnesty scheme to allow inclusion of non-documented economy in taxation system and to promote economic revival and growth by encouraging tax compliance.
The finance adviser announced that the federal government has aimed to launch this scheme not to collect money but to generate revenue to activate national economy.