The Federal Board of Revenue (FBR) offered cash rewards to the whistle-blowers, who would disclose information leading to detection and confiscation of benami properties. According to the Benami Transactions (Prohibition) Rules 2019 issued by FBR here on Monday, the FBR has announced rewards for whistle-blowers. The amount of reward relating to detection and confiscation of benami property to the extent specified in the rules shall be admissible, FBR said.
The table for rewards for the whistleblowers revealed that the amount of reward would be five percent of the price of benami property where price of benami property determined is Rs2 million or less. The amount of reward would be Rs100,000 plus four percent in excess of Rs2 million where price of benami property determined is more than Rs2 million but not more than Rs5 million. The amount of reward would be Rs220,000 plus three percent of the price of benami property in excess of Rs5 million where price of benami property determined is over Rs5 million.
The amount of reward shall be sanctioned after confiscation of the benami property, FBR added. For the purpose of reward, the provisions of the Inland Revenue Reward Rules, 2016 except as specified in these rules shall mutatis mutandis apply, FBR rules said.