Federal Board of Revenue (FBR) on Monday briefed Finance Minister Asad Umar on the implementation of the Benami law and future plan for analysis of Benami accounts information from State Bank of Pakistan (SBP). It is learnt that tax authorities informed Asad Umar about the requirement of adjudication authority and powers and functions of authorities created under the provisions of Benami Transactions (Prohibition) Act, 2017.
The FBR will get details of Benami accounts from the SBP where monthly transactions of over Rs 10 million were made, sources said. The FBR also convened a meeting of the Board-in-Council chaired by FBR Chairman Mohammad Jehanzeb Khan. The Board-in-Council was updated on the track and trace system for the tobacco sector and new audit policy. Board-in-Council also approved establishment of the Director General of Special Initiatives.