ISLAMABAD: The federal government has decided to make a new law to unearth the businesses which are being run by traders, businessmen and industrialists through Benami bank accounts to avoid taxes.
The new law will come into force through parliament instead of any ordinance and it would be promulgated within the next four month, officials said.
They said that Ministry of Finance, Revenue Division and Federal Board of Revenue (FBR) has started working on it. The purpose of this law is to detect and eliminate such Benami accounts through which business activates are done but these are not declared in tax returns by the businessmen.
Officials said that different organisations opened such accounts using the name of their employees, relatives and friends but after the new law it would not be possible for them to continue their business and make transactions through illegal accounts.
They revealed that new law would be enforced in January 2016.
