Introduction
Federal Board of Revenue has issued SRO 326(1)/2019 dated March 11, 2019
Commentary
The Federal Board of Revenue Government of Pakistan Revenue Division in exercise of powers conferred under section 61 of the Benami Transactions (Prohibition) Act, 2017 ( V of 2017) made Benami Transactions (Prohibition) Rules, 2019 issued through SRO 326 (1) 2019 dated 11th March 2019. Salient features of the rules are as under;
The rules were made to address following main issues;
- Procedure for Determination of prices in certain cases (for example valuation of confiscated properties).
- Appointment of chairperson and members of Adjudicating authority
- Terms & conditions of service of the chairperson and members of the adjudicating authority.
- Provisional attachment of property
- Procedure for confiscation of property, valuation and disposal of confiscated properties.
- Management of confiscated properties.
- Procedure for appeal to the appellate tribunal
- Terms & conditions & terms of appointment of members of the Federal Appellate tribunal, removal of chairperson and members of FAT.
- Procedure for rewarding the whistleblowers and limits of rewards.
- First schedule describing;
- the requirements of management of confiscated properties,
- maintenance of register of Confiscated properties,
- form of appeal to FAT, declaration and undertaking
Link of Document
