FBR Request Center for Funds of Benami Properties
Islamabad: In order to facilitate the operation of its employees working in three benami zone areas, as well as the functioning of the tribunal established to tackle benami properties, the Federal Board of Revenue (FBR) has asked for an allocation of funds in Budget 2019 - 20.
Additional vacancies for these new departments are planned by the Board. These would include ten Grade 21 settlements, three Grade 20 settlements, four Grade 18 settlements, and three Grade 17 settlements. Vacancies would also be approved for other employees.
For this purpose, a summary was prepared, which is to be finalized and approved by April 15, 2019.
Those who are accused of having benami property have the right to appeal before the appellate tribunals. Two tribunal benches will be developed in particular.
The word ' Benami ' refers to holding in the name of one person property / assets for the benefit of another person. However, benami is often designed to hide ownership, frauds creditors or avoid payments for Government fees, or taxes of the property acquired through illegal means.
The law was made through a parliamentary act (Benami Transactions Act 2017) in Jan 2017, but the legislation was put on the back burner because the finalisation of regulations was delayed. The FBR notified the rules on Monday through the 2019 SRO326 notification.
In detection of benami property the administration also announced cash awards for whistleblowers. Three bars were notified of cash award. After the confiscation of the benami land, however, the amount of benefits will be sanctioned.