Islamabad: The Federal Board of Revenue (FBR) has established the necessary administrative structure for the implementation of Benami Act, 2017, a news source reported.
An adjudicating authority will also be formed to take action against people with benami assets starting July 1, 2019.
According to the report, the FBR previously did not have the required setup to implement Benami laws in the country following the expiration of the Asset Declaration Scheme on June 30, 2019. The Benami law will is set to officially become active on July 1 after the scheme ends, and the board wanted to ensure its readiness to take action following that.
The Benami Transactions (Prohibition) Act, 2017 has been operative since March, 2019. However, the implementation aspects needed to be expedited.
FBR is the focal authority under the benami law and its implementation will be monitored by the board’s chairman.
Benami zones will also be established in the three big cities: Karachi, Lahore, and Islamabad, to increase the effectiveness of the law’s implementation.