The Federal Board of Revenue (FBR) has yet to notify the rules for implementation of Benami Act, empowering the government to confiscate all properties and bank accounts registered with fictitious persons. On February 4, the FBR had announced that Benami Act will be made operational this week. the FBR had forwarded the draft rules to Ministry of Law for vetting. However, till Friday, the draft rules have not been notified by the FBR.
The government has taken decision to make Benami Act operational as the Parliament approved the law during the tenure of the last regime.
"By making this law operational soon, all those bank accounts and properties which are kept on the name of others will be seized and then the relevant Tribunal will decide process of sale of confiscated bank accounts and properties under the Benami Act," FBR officials said.
Benami law will allow government to take strict actions against those who got their movable and immovable assets registered with fictitious person in order to evade taxes. the law was passed in January 2017 and after finalising of its rules and regulations, it will come into operation.
FBR officials said, "Benami Act is already in place. Benami Rules are needed to implement it. The Rules are being vetted by law division. we expect that CCLC on Wednesday and in Cabinet on Thursday will give final apporval they added.