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Nausheen Javaid to act as coordinator for implementation of Benami transactions act, 2017

Nausheen Javaid to act as coordinator for implementation of Benami transactions act, 2017

ISLAMABAD: Federal Board of Revenue (FBR) will launch major crackdown against Benami assets from three major cities including Islamabad, Karachi and Lahore, a statement said on Friday.

Federal Board of Revenue Member Taxpayers Audit Ms. Nausheen Javaid Amjad is the National Coordinator for implementation of Benami Transactions (Prohibition) Act, 2017.

It said that the Benami Transactions (Prohibition) Act, 2017 has become operative since March, 2019. Federal Board of Revenue is the focal authority under this sct. The matter of proper implementation of Benami Transactions (Prohibition) Act, 2017 will be monitored by the Chairman.

Administrative structure has been set up to implement the Benaami Act-2017. In this regard, an Adjudicating Authority is being formed and Benaami Zones are being established which will become effective very soon. Initially Benaami Zones will be established in three big stations Karachi, Lahore and Islamabad.

A person can avail Assets Declaration Ordinance- 2019 before 30th June if he has not declared the Benaami properties yet. In case of non-compliance, he will be held accountable under Banaami Act-2017.