KARACHI: With the aim to curb benami transactions and to indentify black money in the domestic economy, the government is presenting a bill in the parliament next month for a formal approval.
Under the draft benami transaction bill, the Federal Board of Revenue (FBR) officials can take action against those persons who made transactions in someone else’s name.
Sources said that the FBR has decided to start crackdown against people involved in benami transactions. They said that thousands of people are involved in this illegal practice and dodging tax authorities for concealing their taxable income.
The FBR issued 275,000 notices in May for declaring income, of which a few of them made compliance, but the majority were those persons who had no such income to purchase immovable property, motor vehicle or making banking transactions.
