A tax office of the Federal Board of Revenue (FBR) has filed a reference against the chairman of a prominent Islamic bank, accusing him of engaging in benami transactions to obtain properties.
(more…)Tag: Benami properties
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FBR expands operations against Benami assets to four major cities
The Federal Board of Revenue (FBR) has decided to expand its operations by establishing Anti-Benami Zones in four major cities across the country.
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Benami assets worth Rs7.4 billion detected; 78 percent contributed by Karachi Zone
ISLAMABAD: The Anti-Benami Zones established by the Federal Board of Revenue (FBR) have successfully detected benami assets totaling Rs7.4 billion, following thorough investigations in Karachi, Islamabad, and Lahore.
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High valued building at PECHS detected as benami; FBR attaches, initiates proceedings
KARACHI: Anti-Benami Initiative Zone-III Karachi of Federal Board of Revenue (FBR) has detected residential cum commercial high valued building as benami property, which is located in posh area of the city.
According to details, the anti-benami zone investigated the source of income for the purchase of the property and discovered that the owners or benamidars were never in financial position to purchase the said immovable properties.
The sources said that the zone provisionally attached the property and launched investigation to dig out the beneficial owners.
The zone while exercising powers under Benami Transactions (Prohibition) Act, 2017 issued notices to the benamidars of plot Nos. 167C and 168C Commercial Area, Block 2 PECHS after having sufficient reasons to believe that the land was benami.
The notices were sent to Muhamma Yaseen benamidar of plot no. 167C and Kashif Hasan benamidar of plot no. 168C to provide all relevant documents for the purchase of property and source of income besides producing record of submitted annual income tax returns.
Meanwhile, during the provisional attachment the benamidars and others have been prohibited and restrained from transferring of immovable properties or subjecting the same to a charge in any manner and that all persons have been prohibited from taking any benefit under such transfer or charge.
The sources said that the one building was constructed by joining both the plots. Therefore, it was believed that there would be one beneficial persons in both the plots.
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FBR unearths benami properties worth Rs8bn of politically exposed persons
ISLAMABAD: Federal Board of Revenue (FBR) has unearthed benami properties amounting Rs8 billion of politically exposed persons (PEP), according to data made available on Monday.
The anti-benami zones of the FBR have attached 6 immovable properties and finalized 10 cases against PEP. The FBR summoned 140 politically exposed persons to explain the source of income for purchasing properties. The anti-benami zones filed six references against PEPs.
According to details around 35 beneficial owners have been detected to have benami properties as PEPs. The highest number of cases detected in Lahore zone while five each cases detected in Karachi and Islamabad.
These PEPs have purchased properties in the names of 90 benamidars. The highest number of 56 benamidars of PEPs was identified by Lahore zone, 24 by Karachi and 10 by Islamabad.
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Benami properties with known sources not to attract penal action
KARACHI: A person having known source of income for a property and keeps in someone else name will not attract penal action under Benami Transaction laws, sources in Federal Board of Revenue (FBR) said.
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FBR attaches shareholding of Golden Globe Holding in Benami properties case
KARACHI: Federal Board of Revenue (FBR) has attached shareholding of Golden Globe Holding in Thatta Cement in Benami properties case, according to a notice issued on Thursday.
Thatta Cement Company Limited in a notice sent to Pakistan Stock Exchange (PSX) informed that in order issued by deputy commissioner/initiating officer, Inland Revenue Division of FBR (Anti Banmi Zone-III) to M/s. Golden Globe Holding (Pvt) Limited informing them that FBR official had provisionally attached, for the period of 90 days, the shareholding of M/s. Golden Globe Holding (Pvt) Limited in Thatta Cement Company Limited.
Sources in the FBR said that the properties had been attached as per the law defined in Benami Transaction Act, 2017.
They said that initiating office had been authorized to provisionally attach a benami property for a period of 90 days if he thinks that the person in possession.
They further said that the officer had also been authorized to pass an order continuing the provisional attachment of the property with the prior approval of the approving authority, the passing of the order made by the adjudicating authority.
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FBR attaches Benami properties worth Rs4 billion; issues 104 notices
ISLAMABAD: Federal Board of Revenue (FBR) on Friday said that it has attached Benami properties worth Rs4 billion in 15 cases.
“Properties having worth Rs. 4 billion including bank accounts, shares and land in 15 cases have already been attached.”
The FBR said that one out of the above mentioned 15 cases, involving 7,128 Kanals of land having worth of Rs. 700 million was attached. Reference in this case is pending for adjudication.
The FBR said that in pursuance of prime minister’s directive, FBR Anti Benami Zones have started a country wide exercise to gather information of Benami properties from Provincial Revenue/ Development Authorities, ICT Administration. Senior officers of these Authorities have been given a briefing on Benami laws along with guidelines for identification and reporting of all such properties.
FBR Anti Benami Directorate is currently investigating 79 Beneficial Owners having104 Benami properties, out of which 58 are located in Karachi, 18 in Lahore and 28 in Islamabad.
Summons have been issued to buyers and sellers of these properties, the FBR added.
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FBR transfers 23 inspectors to speed up action against Benami assets
ISLAMABAD: Federal Board of Revenue (FBR) has transferred 23 inspectors of Inland Revenue to newly established Benami zones in three major cities in order to speed up action against Benami assets.
According to a notification issued on Thursday the FBR transferred and posted following inspectors of BS-16 with immediate effect until further orders:
01. Muhammad Jahangir has been transferred from LTU Islamabad to Benami Zone, Islamabad.
02. Muhammad Afzal Khan has been transferred from RTO Islamabad to Benami Zone, Islamabad.
03. Ms. Tahmina Bibi has been transferred from RTO Islamabad to Benami Zone, Islamabad.
04. Khawaja Muhammad Zaheer has been transferred from RTO Islamabad to Benami Zone, Islamabad.
05. Ms. Tabassum Baig has been transferred from RTO Islamabad to Benami Zone, Islamabad.
06. Osama Idrees has been transferred from RTO Rawalpindi to Benami Zone, Islamabad.
07. Ms. Sobia Idrees has been transferred from CRTO Lahore to Benami Zone, Lahore.
08. Syed Muhammad Zulqarnain Shah has been transferred from LTU Lahore to Benami Zone, Lahore.
09. Muhamamd Usman has been transferred from LTU Lahore to Benami Zone, Lahore.
10. Shahbaz Amir Ali has been transferred from RTO-II Lahore to Benami Zone, Lahore.
11. Muhammad Hamza has been transferred from RTO-II Lahore to Benami Zone, Lahore.
12. Ms. Mah-e-No Mirza has been transferred from RTO-II Lahore to Benami Zone, Lahore.
13. Muhammad Ahmad Asghar has been transferred from RTO-II Lahore to Benami Zone, Lahore.
14. Rana Muhammad Awais has been transferred from RTO-II Lahore to Benami Zone, Lahore.
15. Ms. Nazia Ghazal has been transferred from RTO-II Lahore to Benami Zone, Lahore.
16. Mehraj Ahamad has been transferred from CRTO Karachi to Benami Zone, Karachi.
17. Suhail Ahmad has been transferred from CRTO Karachi to Benami Zone, Karachi.
18. Kamran Taj has been transferred from RTO-II Karachi to Benami Zone, Karachi.
19. Muhammad Umair Shaikh has been transferred from RTO-II Karachi to Benami Zone, Karachi.
20. Dileep Kumar has been transferred from LTU Karachi to Benami Zone, Karachi.
21. Mansoor Farhad has been transferred from RTO-III Karachi to Benami Zone, Karachi.
22. Muhammad Ilyas has been transferred from CRTO Karachi to Benami Zone, Karachi.
23. Amit Kumar has been transferred from RTO-II Karachi to Benami Zone, Karachi.
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FBR meeting on July 12 to speed up action against Benami properties
ISLAMABAD: In order to speed up action against Benami properties an important meeting is scheduled for July 12 (Friday) at Headquarter of Federal Board of Revenue (FBR).
The meeting will presided over by Syed Shabbar Zaidi, Chairman, FBR and all the relevant officers of Benami Zones will attend the meeting.
An office order circulated to the three Benami Zones, said that the phenomenon of Benami property was one of the major socio-economic malaise afflicting the national development, equitable distribution of resources and overall governance in the country.
“In order to combat this menace the federal government has recently activated specialized Benami Zones at Karachi, Lahore and Islamabad, constituted various enforcement and adjudication authorities and promulgated rules for effective implementation of the Benami Property (Prohibition) Act, 2017.”
The office order further said that to have initial introduction and orientation, develop understanding of the legal framework, appreciate roles and responsibilities and share knowledge on the subject for impartial, judicious and expeditious implementation of the Benami Transactions (Prohibition) Act, 2017 a meeting of all stakeholders had been scheduled on Friday July 12, 2019 at FBR HQs Islamabad.
The officers, who will attend the meeting included: Commissioners Inland Revenue as approving authority of the three Benami Zones.
Deputy Commissioners as initiating officers and Assistant Commissioners as administrators under Benami laws will also attend the meeting.