Final preparations underway to implement Benaami Laws
Final preparations are underway to implement Benaami Laws.
According to a press release issued by Federal Board of Revenue, the Benami Transactions (Prohibition) Act, 2017 has become operative since March, 2019.
Federal Board of Revenue is the focal authority under this Act. The matter of proper implementation of Benami Transactions (Prohibition) Act, 2017 will be monitored by the Chairman.
Administrative structure has been set up to implement the Benaami Act-2017.
In this regard, an Adjudicating Authority is being formed and Benaami Zones are being established which will become effective very soon.
Initially Benaami Zones will be established in three big stations Karachi, Lahore and Islamabad.
A person can avail Assets Declaration Ordinance- 2019 before 30th June if he has not declared the Benaami properties yet.
In case of non-compliance, he will be held accountable under Banaami Act-2017.
Ms. Nausheen Javaid Amjad, Member Taxpayers Audit, FBR (HQ), Islamabad is the National Coordinator for implementation of Benami Transactions (Prohibition) Act, 2017.