Islamabad: The Federal Board of Revenue (FBR) has been empowered to appoint any Commissioner, Deputy Commissioner, and Assistant Commissioner Inland Revenue to exercise powers and perform functions with regard to the attachment of Benami properties, a news source reported.
This provision was granted to the authority in line with the stipulations of the Benami Transactions (Prohibition) Rules 2019 framework issued by the FBR. The board can now assign any Commissioner Inland Revenue as an approving authority under the Benami Transaction Act. It can also appoint any Deputy Commissioner Inland Revenue to exercise the powers of an initiating officer. Furthermore, initiating officers will be empowered to provisionally attach property.
The price of an attached property will be determined according to Section 68 of Income Tax Ordinance, 2001, as well as the fair market value.
The Benami Transaction Act was passed through an act of parliament in January, 2017. However, it was delayed because the rules could not be finalised. FBR notified the rules through notification SRO326 of 2019 this week.
