ISLAMABAD: Chairman Federal Board of Revenue (FBR) Shabbar Zaidi on Tuesday announced that Adjudicating Authority will start functioning from tonight (July 3), to implement Benami Act, 2017.
Talking exclusively to private News channel’s program, Shabbar Zaidi said that action against the Benami properties of politicians and others would come into effect from tonight (Wednesday).
He expressed hope that government would be able to collect tax worth Rs45 billion through the asset declaration scheme, adding that sales tax registration can be done online from now on.
He said that smuggling and Afghanistan Transit Trade Agreement has ruined the economy of Pakistan. The FBR chief called for collective efforts to end the smuggling from the country.
“Smuggled items are easily available in all markets of Pakistan. We have to check the entry points of smuggled items and have to work over it,” he added.
“Under-invoicing policy is a process of doing money laundering and used for smuggling purpose. Those who have assets more than Rs5 million can come under the interrogation of FBR.”
Shabbar Zaidi said that all institutions including FBR, State Bank, Security and exchange companies (SECP) have to work collectively.
Commenting over the non-filers the FBR chief said word ‘non-filer’ has been eliminated from the law and termed non-filers as technical criminals.
He assured that if anyone becomes filer, FBR will not harass them for two to three months.