Anti-benami adjudicating authority secretariat inaugurated

May 5

Taxation

Anti-benami adjudicating authority secretariat inaugurated

ISLAMABAD: Asim Ahmed, Chairman, Federal Board of Revenue (FBR) on Wednesday inaugurated Secretariat of Anti-Benami Adjudicating Authority here in Islamabad. On this occasion, Chairman Anti-Benami Adjudicating Authority Muhammad Ali, Member FATE & Director General Anti Benami Initiatives Syed Nadeem Hussain Rizvi, Member Administration Bakhtiar Muhammad and other members and officers were present. Chairman Anti-Benami Adjudicating […]

by Mrs. Anjum Shahnawaz

Anti-Benami transactions rules notified as per law: FBR

Feb 5

Taxation

Anti-Benami transactions rules notified as per law: FBR

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday said that Benami Transactions (Prohibition) Rules, 2019 has been issued in accordance with the law. The FBR issued a rebuttal on a news item published in a daily on February 5, 2020 about the issuance of Benami Transactions (Prohibition) Rules, 2019. FBR has explained that Benami Transactions […]

by Mrs. Anjum Shahnawaz

Benami property holder may get 7 years jail, pay 25pc as fine

Sep 7

Taxation

Benami property holder may get 7 years jail, pay 25pc as fine

In a significant move aimed at curbing illicit financial activities and tax evasion, the Benami Transaction (Prohibition) Act, 2017 has brought about stringent penalties for those involved in benami transactions in Pakistan.

by Mrs. Anjum Shahnawaz

FBR streamlines anti-benami regime to stop white collar crimes

Jul 31

Exclusive, Taxation

FBR streamlines anti-benami regime to stop white collar crimes

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday issued official note to streamline Anti-Benami Regime to stop white collar crimes. The FBR said that Benami Transactions, entailing the phenomenon of Benami moveable and immoveable properties, Bank A/Cs, Luxury Vehicles, off shore investments and stocks & shares is one of the biggest economic and financial threats, […]

by Mrs. Anjum Shahnawaz

FBR directs banks to provide details of Benami account holders in 15 days

Jul 23

Taxation

FBR directs banks to provide details of Benami account holders in 15 days

ISLAMABAD: Federal Board of Revenue (FBR) has directed all the banks to provide details of Benami account holders within next 15 days. FBR spokesman on Monday said that FBR chairman Shabbar Zaidi had sent communication to all the heads of banks asking them to provide details of Benami accounts. The spokesman said that the FBR […]

by Mrs. Anjum Shahnawaz

IR officers posted to initiate proceedings in Benami cases

Jun 30

Taxation

IR officers posted to initiate proceedings in Benami cases

ISLAMABAD: Federal Board of Revenue (FBR) has notified the names of members for adjudicating authorities under Benami law and posted officers of Inland Revenue to initiated proceedings in Benami cases. The following officers have been notified for the adjudicating authority under Benami Transactions (Prohibition) Act, 2017. 1. Jamil Ahmad (Retired PAS/BS-22), Chairperson 2. Muhammad Tanvir […]

by Mrs. Anjum Shahnawaz

FBR notifies adjudicating authorities for Benami cases

Jun 30

Taxation

FBR notifies adjudicating authorities for Benami cases

ISLAMABAD: Federal Board of Revenue (FBR) has notified adjudication authorities for Benami cases with immediate effect. The adjudication authorities have been set up at Karachi, Lahore and Islamabad. The FBR issued a notification on Saturday stating that consequent upon approval of the federal government and in pursuance of Section 6 of Benami Transactions (Prohibition Act) […]

by Mrs. Anjum Shahnawaz

Jun 6

Taxation

Taxation not widely considered as civic duty in Pakistan

ISLAMABAD: The taxation has not been widely considered as civic duty in Pakistan, the World Bank said in a report issued recently. The World Bank said that tax evasion is pervasive due to low tax morale and legal loopholes that enable high-value individuals to conceal their incomes. Few Pakistani citizens think of themselves as taxpayers, […]

by Faisal Shahnawaz

Banks assure providing details of Benami account holders to FBR

May 31

Taxation

Banks assure providing details of Benami account holders to FBR

ISLAMABAD: The commercial banks have assured the Federal Board of Revenue (FBR) of providing details of Benami account holders for the purpose of broadening of tax base and documentation of economy. An important meeting was held on Thursday of all chief financial officers with Syed Muhammad Shabbar Zaidi, chairman, FBR. The CFOs of all commercial […]

by Faisal Shahnawaz

Tax rates for proposed Amnesty Scheme 2019

Apr 12

Taxation

Tax rates for proposed Amnesty Scheme 2019

KARACHI: Persons may be allowed to avail tax amnesty at one percent for undeclared banking transactions of past five years. According to draft of Tax Amnesty Scheme 2019, credit entries in a person’s own bank account is allowed at one percent of the total credit entries from July 01, 2013 till June 30, 2018 or […]

by Faisal Shahnawaz