The Federal Board of Revenue (FBR) has decided to expand its operations by establishing Anti-Benami Zones in four major cities across the country.
The move reflects the government’s commitment to curbing illicit financial activities and promoting transparency in property transactions.
The newly established Anti-Benami Zones will be operational in Peshawar, Faisalabad, Multan, and Hyderabad, according to a notification issued by the FBR. These zones will operate under the Directorate General of Anti-Benami Initiative, Islamabad, signaling a coordinated and nationwide approach to tackle Benami holdings.
Prior to this expansion, three Anti-Benami Zones were already operational in Karachi, Lahore, and Islamabad. These zones, since their inception, have successfully uncovered and seized billions of rupees worth of immovable properties, motor vehicles, and shares in the stock market that were held under Benami arrangements.
Benami transactions involve the holding of assets, including real estate, in someone else’s name to conceal the real ownership. Such practices often lead to tax evasion, money laundering, and other financial crimes. The FBR’s crackdown on Benami assets is part of a broader strategy to combat economic crimes, promote fiscal transparency, and expand the tax base.
The establishment of new Anti-Benami Zones in Peshawar, Faisalabad, Multan, and Hyderabad underscores the need for a comprehensive and nationwide approach to address this issue. By extending operations to these major cities, the FBR aims to cast a wider net in identifying and seizing illicitly held assets, sending a strong message against those engaged in fraudulent financial practices.
The success of the three existing Anti-Benami Zones in Karachi, Lahore, and Islamabad has demonstrated the effectiveness of targeted initiatives in uncovering hidden assets and bringing them under the scrutiny of tax authorities. The expansion to additional cities is expected to enhance the FBR’s capacity to combat Benami transactions across diverse regions.
The FBR’s Anti-Benami Initiative aligns with the government’s broader agenda to create a transparent and accountable financial system. By dismantling clandestine ownership structures and ensuring that assets are held in accordance with legal and regulatory requirements, the initiative contributes to the overall economic stability of the country.
As the new Anti-Benami Zones become operational, individuals and entities involved in Benami transactions are likely to face increased scrutiny. The FBR encourages citizens to report any suspicious transactions or holdings, emphasizing the collaborative role of the public in combating financial crimes and ensuring the integrity of the country’s financial system.
The expansion of Anti-Benami Zones to Peshawar, Faisalabad, Multan, and Hyderabad signifies a proactive step by the FBR to strengthen its campaign against illicit financial activities. The move is in line with the government’s commitment to fostering transparency, combating tax evasion, and promoting a fair and accountable economic landscape. The success of these Anti-Benami Zones is crucial in safeguarding the financial integrity of the nation and ensuring that assets are held in compliance with legal standards.
