Islamabad: The Federal Board of Revenue has revealed that the assets held in the names of family members, but created through unexplained sources of income, will also be treated as Benami transactions, a news source reported.
The law also covers offshore assets held by Pakistanis, with the said assets paid for by transferring money from Pakistan. FBR Inland Revenue Policy Member Dr Hamid Ateeq Sarwar explained the salient features of the act.
FBR recently notified rules of the Benami Transactions Prohibition Act of 2017, finally making the law operation. It allows the authorities to confiscate all those assets, moveable and immovable, that have been held in someone else’s name to avoid taxes.
Dr Sarwar explained that the law will be considered effective from February 2017. Any Benami asset that was created after February 2017 or was in the name of the person at that point would be treated as a Benami asset. It would be prone to confiscation.
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