Islamabad: The federal government has decided to make the Benami Transaction Act operational by the end of February, according to a news report. This decision has been taken with a view to meet the Financial Action Task Force’s (FATF) commitments.
The Cabinet Committee for Disposal of Legislative Cases (CCLC) will sanction the rules for the Benami Act. These rules will then be sent to the Prime Minister for a final approval.
As per official reports, the Benami Transaction Act will allow the government to seize benami properties and auction them. It is geared towards enabling the concerned authorities to take strict action against movable and immovable assets registered under fictitious names for tax avoidance purposes.
This law will also allow the Federal Board of Revenue (FBR) to find and take strict action against the beneficiaries of benami properties; thereby enabling the said authority to recover taxes and dues on these land holdings.
The Benami Transaction Act was passed in 2017 but could not become operational, until now, because its rules needed to be finalised.
