Benami Transactions Bill, 2016 passed

Benami Transactions Bill, 2016 passed

ISLAMABAD: (APP) The Senate on Tuesday passed "The Benami Transactions (Prohibition) Bill, 2016" for prohibition of holding property in benami.

Minister for Law Zahid Hamid who moved the bill, said that there was a realization that the benami transactions (prohibition) act is in operation in other countries of the region including neighboring country.

He said that property held benami has been causing concern to the tax authorities and the past practice and experience has shown that benami transactions have often been resorted to for furthering illegal or questionable objectives including evasion of taxes.

He said that the bill was moved to deal with the problem of tax evasion and black money especially in the real estate sector and to target transactions that are carried out in other people's name.

The house was informed that one of the major objectives of presenting the bill was to put an end to benami transactions and to empower the government to recover such property, defining benami transactions.

It was informed that the legislation intends to prohibit all persons from entering into such transactions.

Senator Azam Swati appreciated the government benches for presenting this important bill and termed this a good step. Leader of the Opposition in the Senate Senator Aitzaz Ahsan didn't oppose the bill however on his one objection, the house made amendment in one clause of the bill with majority.

The Chairman Senate got approval from all parliamentarians on every clause of the bill.

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