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Crackdown against benami properties has started

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بينا می جائدادوں کی ضبطگی شروع ہو گئ

Immediate after the deadline for Asset Declaration Scheme ended today, FBR has started action against those who failed to declare their benami properties.

Under Benami properties prohibition act 2017, Government has established three major zones, Lahore Karachi and Islamabad. Further 11 Sub Zones have also been established. FBR is now authorized to seize the assets of any person who failed to declare benami property under Asset Declaration Scheme.

High-level officers of FBR are appointed in the zones to collect complete data of undisclosed properties for finalising a plan to conduct crackdowns.

According to FBR sources, the concerned officers will be authorised to forward cases to the newly-constituted authority which would hand it over to the federal government after compiling an investigation report.

In May 2019 the government had announced Asset Declaration Scheme which was aimed at bringing dead assets into the economy and make them functional.

Under the scheme, assets within the country and abroad except for real estate, could be whitened after paying a rate of 4 per cent. The whitened cash assets would have to be kept in Pakistani bank accounts. For people wanting to keep their whitened money abroad, a rate of 6pc was charged.

For the declaration of real estate, its value was considered 1.5 times more than the FBR-assigned value to bring it at par with the market rate.

According to the latest news 6000 kanals of land belonging to Senator Rana Tanvir which he had registered in the name of his servants has been seized. Action has also been started to confiscate eight properties belonging to Omni Group in Karachi.

Source: 92 Newspaper

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