LAHORE: Federal Bureau of Revenue (FBR) on Friday launched crackdownagainst benami (undeclared) properties and vehicles in Punjab province.
According to the tax collection authority, a benami property is one whichis a subject matter of benami transaction and includes proceeds from such aproperty.
According to the FBR Inspector Muhammad Waseem, raids were carried out inLahore and Faisalabad areas of the province to confiscate undeclaredproperties and vehicles.
“Properties worth Rs 150 million were confiscated in Faisalabad,” said theinspector without elaborating the number of properties.
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He further said that three benami vehicles were also recovered from Lahore.
On October 18, over 300 people have been shortlisted by the FBR inIslamabad, for holding benami (undeclared) properties of over 150 kanal.
