Islamabad, August 14, 2021 (PPI-OT):On the directives of Directorate General of Anti-Benami Initiative, Islamabad, three Benami Zones at Islamabad, Lahore and Karachi have started awareness campaign with various business chambers of the country. As part of the drive, Commissioner Benami Zone, Islamabad along with his team members consisting of Deputy Commissioner and Assistant Commissioner conducted meetings with Sarhad Chamber of Commerce and Industry and Islamabad Chambers of Commerce and Industry.
During the presentation, the chamber members were informed that the major motive behind Benami Transactions are to evade taxes, hide proceeds of crime, defraud creditors/banks/financial institutions, avoid departmental probe and scrutiny of regulators, avoid certain political and social risks, and bypass land reforms. To check these practices Benami law has been introduced in the country.
Practical examples of the Benami Transactions include land acquisition by public office holders/other shadow investors through front men in real estate projects. In other cases, vehicles and land have been registered in the name of employees, servants, relatives etc. Moreover, Benami bank accounts opened by businesses in the name of employees for avoiding tax scrutiny and parking of untaxed/illegal/laundered money in purchase of assets through shell companies.
The meeting also covered aspects of whistle blowers who are main source of information to catch benami transactions. It was informed during the session that the government has announced reward for informers of benami transactions. Presentations were made by Benami Zone Islamabad which was followed by question and answer session.
Following the Benami Law presentation, intelligence and investigation wing of FBR at Peshawar and Islamabad also made presentation on anti-money laundering Act 2010. As part of drive for awareness, a similar kind of meeting will be held on 16 August, 2021 with the Rawalpindi Chamber of Commerce and Industry.
For more information, contact:
Second Secretary (Public Relations)
Federal Board of Revenue (FBR)
FATE Wing, Federal Board of Revenue,
Constitution Avenue, Sector G-5,
Islamabad, Pakistan
Phone: +92-51-9217267
Fax: +92-51-9208456
Email: mujeeb.talpur@fbr.gov.pk, talpur35@gmail.com
Website: https://www.fbr.gov.pk/