{"id":50740,"date":"2019-03-25T17:02:24","date_gmt":"2019-03-25T12:02:24","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=50740"},"modified":"2019-03-25T17:02:24","modified_gmt":"2019-03-25T12:02:24","slug":"salient-features-of-benami-act-revealed","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/salient-features-of-benami-act-revealed.html","title":{"rendered":"Salient features of Benami Act revealed"},"content":{"rendered":"<p>Islamabad: The Federal Board of Revenue has revealed that the assets held in the names of family members, but created through unexplained sources of income, will also be treated as Benami transactions, a news source reported.<\/p>\n<p>Read:<a href=\"https:\/\/www.zameen.com\/news\/fbr-empowered-to-appoint-commissioner-for-attachment-of-benami-properties.html\" target=\"_blank\" rel=\"noopener noreferrer\">\u00a0Rules approved, Benami act becomes operational<\/a><\/p>\n<p>The law also covers offshore assets held by Pakistanis, with the said assets paid for by transferring money from Pakistan. FBR Inland Revenue Policy Member Dr Hamid Ateeq Sarwar explained the salient features of the act.<\/p>\n<p>FBR recently notified rules of the Benami Transactions Prohibition Act of 2017, finally making the law operation. It allows the authorities to confiscate all those assets, moveable and immovable, that have been held in someone else\u2019s name to avoid taxes.<\/p>\n<p>Read:\u00a0<a class=\"row-title\" href=\"https:\/\/www.zameen.com\/blog\/benami-transaction-act-curbing-pakistans-tax-evasion.html\" target=\"_blank\" rel=\"noopener noreferrer\">Benami Transaction Act: Curbing Pakistan\u2019s Tax Evasion<\/a><\/p>\n<p>Dr Sarwar explained that the law will be considered effective from February 2017. Any Benami asset that was created after February 2017 or was in the name of the person at that point would be treated as a Benami asset. It would be prone to confiscation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue has revealed that the assets held in the names of family members, but created through unexplained sources of income, will also be treated as Benami transactions, a news source reported. Read:\u00a0Rules approved, Benami act becomes operational The law also covers offshore assets held by Pakistanis, with the said assets paid for by transferring money from Pakistan. FBR Inland Revenue Policy Member Dr Hamid Ateeq Sarwar explained the salient features of the act. FBR recently notified rules of the Benami Transactions Prohibition Act of 2017, finally making the law operation. It allows the authorities to confiscate all those assets, moveable and immovable, that have been held in someone else\u2019s name to avoid taxes. Read:\u00a0Benami Transaction Act: Curbing Pakistan\u2019s Tax Evasion Dr Sarwar explained that the law will be considered effective from February 2017. Any Benami asset that was created after February 2017 or was in the name of the person at that point would be treated as a Benami asset. It would be prone to confiscation.<\/p>\n","protected":false},"author":18,"featured_media":26795,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[11057],"persona":[],"class_list":{"0":"post-50740","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"tag-details-on-salient-features-of-benami-act-revealed"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Salient features of Benami Act revealed - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Federal Board of Revenue has revealed that the assets held in the names of family members, but created through unexplained sources of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/salient-features-of-benami-act-revealed.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Salient features of Benami Act revealed - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The Federal Board of Revenue has revealed that the assets held in the names of family members, but created through unexplained sources of\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/salient-features-of-benami-act-revealed.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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