Nov 24

FTO directs probe into benami transactions by Millat Tractors

ISLAMABAD: Federal Tax Ombudsman (FTO) has directed the Federal Board of Revenue (FBR) to launch probe into huge benami transactions made by M/s. Millat Tractors Limited (MTL). The FTO, in a case against Millat Tractors for making supplies on fake and flying invoices and obtaining refunds on such invoices, asked the FBR to direct Director […]

by Mrs. Anjum Shahnawaz

Tax authority files benami property case against banker

Aug 10

Taxation

Tax authority files benami property case against banker

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.

by Faisal Shahnawaz

FBR notifies Chairman of Benami Adjudicating Authority

Mar 3

Taxation

FBR notifies Chairman of Benami Adjudicating Authority

ISLAMABAD: The government has appointed Dr. Muhammad Ali Khan as chairman of Benami Adjudicating Authority under the Benami Transactions (Prohibition) Act, 2017. The Federal Board of Revenue (FBR) on Wednesday issued the notification for the posting. Dr. Muhammad Ali Khan, is a BS-22 officer of Inland Revenue Service (IRS) and was posted as Member (Admin […]

by Mrs. Anjum Shahnawaz

Benami properties with known sources not to attract penal action

Dec 22

Taxation

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. The sources said that the Benami transactions law had created confusion among people and persons having white money and purchased properties […]

by Mrs. Anjum Shahnawaz

FBR notifies adjudication benches for Benami cases

Sep 21

Taxation

FBR notifies adjudication benches for Benami cases

The Federal Board of Revenue (FBR) has taken a decisive step in addressing Benami cases by establishing dedicated adjudication benches in three major cities across the country.

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