Business

Federal Board of Revenue enforced Benami Transactions (Prohibition) Rules, 2019

Federal Board of Revenue (FBR) has enforced Benami Transactions (Prohibition) Rules, 2019 with immediate effect.
Under the rules, BTB zones of Inland Revenue Service have been assigned the duty to establish cases against Benami properties and submit challan to Adjudication Authority within 120 working days.
In a statement, the FBR said that during this period, sale, purchase and transfer of such Benami property will be banned till further orders.
Appeal against the decision of Adjudication Authority can be lodged with the Federal Tribunal and after the decision of the Federal Tribunal such properties will be confiscated and sold out by the Federal Government.