Federal Board of Revenue launched crackdown: Report

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Federal Board of Revenue launched crackdown: Report

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

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.