ISLAMABAD: The Federal Board of Revenue has established three ‘benami zones’ at Karachi, Lahore and Islamabad for enforcement of ‘Benami Transaction (prohibition) Act, 2017.
According to a statement issued from the ministry, after examination of available information, FBR Benami Zones Karachi and Lahore had issued show cause notices in six cases of companies holding shares and immovable properties as benamidar.
Attachment and confiscation would be concluded after completion of legal formalities, the statement said and added, “Criminal proceedings under chapter-VIII are also likely to be initiated in these cases.”
A benami transaction/property is:
1) When a property is transferred to or is held by, a person but it has been paid for by another person – a trustee and wife, child, brother or sister
2) A transaction or arrangement of a property made in a fictitious name, or a transaction or arrangement of a property where the owner is not aware of, or denies knowledge of, such ownership
3) A transaction or arrangement of a property where the person providing the consideration is not traceable or is fictitious.