Commissioner Inland Revenue (Benami Zone-II) Lahore has been declared as approving authority in Punjab in terms of Section 2(1)(3) I), of Benami Transactions (Prohibition) Act, 2017. Commissioner Inland Revenue (Benami Zone-III) Karachi has been declared as approving authority in Sindh and Balochistan in terms of Section 2(1)(3) I), of Benami Transactions (Prohibition) Act, 2017.
Deputy Commissioners Inland Revenue (Benami Zone-I) Islamabad has been appointed as initiating officer in terms of Section 2(1)(19) of the Benami Transactions (Prohibition) Act, 2017 in province of Khyber Pakhtunkhwa and Islamabad Capital Territory.
Deputy Commissioners Inland Revenue (Benami Zone-II) Lahore has been appointed as initiating officer in terms of Section 2(1)(19) of the Benami Transactions (Prohibition) Act, 2017 in Punjab. Deputy Commissioners Inland Revenue (Benami Zone-III) Karachi has been given assignment as initiating officer in terms of Section 2(1)(19) of the Benami Transactions (Prohibition) Act, 2017 in provinces of Sindh and Balochistan.
Assistant Commissioners Inland Revenue (Benami Zone-I) Islamabad has been appointed as administrator in terms of Section 2(1)(2) of the Benami Transactions (Prohibition) Act, 2017 in province of Khyber Pakhtunkhwa and Islamabad Capital Territory. Assistant Commissioners Inland Revenue (Benami Zone-II) Lahore has been appointed as administrator in terms of Section 2(1)(2) of the Punjab.
Assistant Commissioners Inland Revenue (Benami Zone-III) Karachi has been appointed as administrator in terms of Section 2(1)(2) of the Benami Transactions (Prohibition) Act, 2017 in provinces of Sindh and Balochistan, the FBR added.
A tax expert said that the tax authorities can prosecute cases of immovable and immovable properties and Benami transactions from February 1, 2017 (date of passage of Benami Transactions (Prohibition) Act 2017 by the Parliament). The FBR is not the sole government department which is dealing with this law. The application of the law would be covered in three stages to be handled by three different departments. The FBR will act as a prosecution agency. The second part of the law would be dealt by adjudicating authority being established for adjudication of the Benami properties. Secretary Revenue Division shall forward to the federal government a panel of suitable officers who are qualified as per criteria provided and the federal government shall appoint from amongst the panel a chairperson and members. The third portion of the law would be dealt by the Federal Appellate Tribunal. Any aggrieved person or officer including the initiating officer aggrieved by an order of the adjudication authorities may file an appeal with the Federal Appellate Tribunal (FAT) against the order of the adjudication authorities pertaining to the Benami accounts and assets.
The commissioner, deputy commissioner and assistant commissioner Inland Revenue can exercise powers and perform functions for attachment of the Benami properties. The Board may by an order assign any commissioner Inland Revenue to exercise the powers and perform the functions of approving authority under the provisions of the Benami Transactions (Prohibition) Act 2017 (Act) and these rules.
The Board may by an order assign any deputy commissioner Inland Revenue to exercise the powers and perform the functions of initiating officer under the provisions of the Act and these rules. The initiating officer shall be empowered to provisionally attach any property in the manner provided in the Income Tax Rules, 2002. The Board may by an order assign any assistant commissioner Inland Revenue to exercise the powers and perform the functions of administrator under the provisions of the Act and these rules, they said.
Benami transaction also covers a transaction or arrangement in respect of a property carried out or made in a fictitious name; or a transaction or arrangement in respect of a property where the owner of the property is not aware of, or denies knowledge of such ownership; or a transaction or arrangement in respect of a property where the person providing the consideration is not traceable or is fictitious.