FBR to initiate legal proceedings against Benami property owners

Legal proceedings against owners of 56 properties in Karachi have been initiated by the FBR.

  • FBR has sent notices to Benam beneficiaries to provide information about the source of their properties.
  • According to the source, some big names are behind these Benami properties.
  • The presidential ordinance would help FBR to discover more Benami properties.

Benami

One of the main reasons for criminal activity is the acquirement of profit. The practice of holding ‘Benami assets’ transferrable or immobile plays an important role in allowing tax embezzlement, money laundering, and terror financing.

Owners of 56 Properties

Legal proceedings against owners of 56 properties in Karachi have been initiated by the FBR. Furthermore, if the source of money is not explained properly, it might lead to asset confiscation.

According to the source, under Benami law, FBR has initiated inquiry against 56 properties. However, out of which 36 cases were referred by a joint investigation, whereas local office identified the remaining 20.

In addition, the information about a real beneficiary behind these properties is obtained from third parties by the tax department.

FBR has sent notices to such beneficiaries to ask them to provide information about the source of their properties. Besides that, FBR has obtained evidence of banking and other transactions used in buying such properties.

Big Names

Some big names are behind these properties, the source. Furthermore, people who receives notice cannot hold anything in possession.

Role of benamdar, links and their role as investors and directors of some companies are inquired by FBR in the notice served to them.

According to the sources, the local tax department is escalating the investigation of Benami properties. Furthermore,their properties were discovered through the sources that include surveys and information from the third party.

Presidential Ordinance

Moreover, the report says, the presidential ordinance would help FBR to discover more Benami properties.


Also See: FBR Records Show Incredible Increase In Tax Filing This Year

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